Free cash flow remains deeply negative with quarterly burn rates often exceeding $4 million, highlighting a structural inability to fund operations through internal cash generation.
| Cash from Operations | -15.25M | -14.57M | -12.56M | -12.52M | -14.29M | -12.61M | -3.69M | -1.74M | -3.06M | -2.62M | -3.13M | -3.35M | -3.39M |
| Operating CF Margin % | - | -431.31% | -381.74% | -387.77% | -463.27% | -304.62% | -90.34% | -105.09% | -285.83% | -380.76% | -500.62% | -439.15% | -316.97% |
| Operating CF Growth % | -40.8% | -16.01% | -0.34% | 12.39% | -13.38% | -241.6% | -111.83% | 43.14% | -16.72% | 16.17% | 6.53% | 1.09% | - |
| Net Income | -15.74M | -15.06M | -15.32M | -14.65M | -16.98M | -9.89M | -3.73M | -4.77M | -3.53M | -2.88M | -3.27M | -3.75M | -4.71M |
| Depreciation & Amortization | 275K | 295K | 332K | 323K | 248K | 127K | 63K | 155.37K | 30.8K | 33.38K | 54.07K | 63.02K | 113K |
| Stock-Based Compensation | 977K | 1.37M | 869K | 1.31M | 1.86M | 316K | 229K | 363.58K | 209.76K | 115.38K | 14.82K | 364.02K | 506.43K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.6K | 7.43K | 76.82K | 17.16K | 73.78K | 306.89K |
| Other Non-Cash Items | -98.44K | -114K | 39K | -25K | 359K | 5K | -452K | -59.49K | 212.68K | 4.89K | 139.6K | -64.56K | -3.34K |
| Working Capital Changes | -663.88K | -1.07M | 1.51M | 523K | 214K | -3.16M | 200K | 2.57M | 9.56K | 20.43K | -86.83K | -34.58K | 403.96K |
| Change in Receivables | 14K | -110K | -118K | 471K | 378K | -362K | 44K | 98.15K | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -615.62K | -637K | 287K | 582K | -902K | -891K | -386K | -6.93K | -375.98K | 53.23K | 7.54K | -31.25K | 32.1K |
| Change in Payables | 16.33K | -369K | 730K | -212K | -167K | 236K | 217K | 2.29M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 145.32K | -36K | 446K | -713K | -891K | 3.79M | -4.67M | -102.23K | -64.26K | -8.63K | -22.88K | -6.15K | -34.16K |
| Capital Expenditures | -81.77K | -36K | -71K | -480K | -891K | -533K | -223K | -102.23K | -64.26K | -8.63K | -22.88K | -6.15K | -34.41K |
| CapEx % of Revenue | 2.29% | 1.07% | 2.16% | 14.87% | 28.88% | 12.88% | 5.46% | 6.17% | 5.99% | 1.25% | 3.66% | 0.81% | 3.22% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -4.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -5M | 0 | -12K | -233K | 0 | 4.33M | 0 | 0 | 0 | 0 | 0 | 0 | 257 |
| Cash from Financing | 17.22M | 15.83M | 9.19M | 83K | 13.58M | 30.89M | 5.86M | 3.06M | 5.98M | 1.05M | 1.4M | 5.35M | 920.66K |
| Debt Issued (Net) | 2.01M | 0 | 0 | 0 | 0 | 0 | -171.98K | -105.12K | -925.6K | 1.02M | 0 | 0 | -27.22K |
| Equity Issued (Net) | 16.92M | 15.83M | 9.19M | 83K | 13.57M | 30.55M | 5.86M | 3.37M | 6.91M | 0 | 1.45M | 5.4M | 3.6M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.72M | 0 | 0 | 0 | 2K | 337K | 171.98K | -205.9K | -2.66K | 26.18K | -47.31K | -51.23K | -2.65M |
| Net Change in Cash | 2.08M | 1.33M | -2.97M | -13.13M | -1.96M | 22.12M | -2.29M | 1.22M | 2.85M | -1.66M | -1.77M | 1.92M | -2.49M |
| Free Cash Flow | -15.34M | -14.61M | -12.63M | -13M | -15.18M | -13.14M | -3.91M | -1.84M | -3.13M | -2.63M | -3.15M | -3.36M | -3.42M |
| FCF Margin % | -430.16% | -432.38% | -383.9% | -402.63% | -492.16% | -317.5% | -95.8% | -111.25% | -291.83% | -382.01% | -504.28% | -439.96% | -320.19% |
| FCF Growth % | -11.13% | -15.64% | 2.82% | 14.37% | -15.57% | -235.75% | -112.18% | 41.04% | -18.78% | 16.51% | 6.02% | 1.9% | - |
| FCF per Share | -6.25 | -6.89 | -7.45 | -8.55 | -12.31 | -13.81 | -6.85 | -4.06 | -8.04 | -12.62 | -17.85 | -21.87 | -80.34 |
| FCF Conversion (FCF/Net Income) | 0.97x | 0.97x | 0.82x | 0.85x | 0.83x | 1.25x | 0.77x | 0.37x | 0.87x | 0.91x | 0.96x | 0.89x | 0.72x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to the provided quarterly data, ICCM's operating cash flow consistently tracks net losses, with an OCF/NI ratio that frequently exceeds 1.0, suggesting that the company's cash burn is driven by fundamental operational deficits rather than non-cash accounting adjustments or significant accrual-based distortions.
The tight correlation between net income and operating cash flow indicates that the company's losses are realized in cash, leaving little room for operational efficiency gains to bridge the gap. Investors should monitor this relationship closely, as the lack of a meaningful divergence suggests that the business model has yet to generate the scale required to decouple cash outflows from accounting losses.
As reported in financial statements, ICCM's free cash flow remains deeply negative across all observed periods, with quarterly burn rates often exceeding $4 million, highlighting a structural inability to fund operations through internal cash generation while awaiting critical regulatory catalysts for U.S. market entry.
The consistent negative FCF trajectory underscores the company's reliance on external financing to sustain its R&D and clinical trial infrastructure. This trend appears to be accelerating in periods of high cash burn, which may indicate that the company is prioritizing aggressive clinical milestones over the preservation of its limited liquidity.
Based on the reported figures, working capital changes have been highly erratic, swinging from a $974.9K outflow in 2025Q4 to a $711K inflow in 2024Q3, which suggests that the company's cash position is highly sensitive to the timing of inventory procurement and distributor payment cycles.
This volatility implies that ICCM lacks a stable cash conversion cycle, likely due to its reliance on lumpy international orders and the logistical complexity of its supply chain. Such fluctuations make it difficult to forecast short-term liquidity needs and may indicate that management is struggling to optimize its inventory levels against unpredictable demand.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $807K in 2025Q3, serves as a significant non-cash expense that effectively subsidizes the company's operating burn, potentially masking the true cost of talent acquisition in a highly competitive medical device labor market.
While SBC is a standard tool for preserving cash in early-stage firms, its reliance here suggests that the company is attempting to conserve its dwindling cash reserves by diluting shareholders. Investors should consider whether this reliance on equity-based incentives is sustainable if the share price remains depressed, as it may force a shift toward higher cash-based compensation in the future.
Quick answers to the most common questions about buying ICCM stock.
IceCure Medical Ltd (ICCM) generated $-14.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
IceCure Medical Ltd (ICCM) reported negative free cash flow of $14.6M in 2025, indicating capital requirements exceeded cash from operations.
IceCure Medical Ltd (ICCM) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.