Persistent operational cash burn remains a critical concern, with the company reporting a negative free cash flow margin of -21.5% in 2026Q1 and failing to generate positive free cash flow in any of the last ten quarters.
| Cash from Operations | -6.51M | -4.24M | -8.26M | -5.81M | -5.82M | -10.67M | -288.38K | -2.68M | -2.68M |
| Operating CF Margin % | - | -219.83% | -88.94% | -58.5% | -55.93% | -95.81% | -3.52% | -62.35% | -61.02% |
| Operating CF Growth % | -134.57% | 48.68% | -42.29% | 0.17% | 45.47% | -3599.43% | 89.24% | 0.07% | - |
| Net Income | -11.1M | -10.49M | -12.5M | -11.1M | -10.25M | -8.96M | -4.65M | -4.73M | -5.35M |
| Depreciation & Amortization | 1.36M | 1.66M | 2.29M | 2.12M | 1.21M | 1M | 819.69K | 634.97K | 469.17K |
| Stock-Based Compensation | 6.39K | 21.27K | 249.68K | 459.67K | 678.61K | 622.06K | 92.87K | 360.38K | 113.92K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -551K | 946K |
| Other Non-Cash Items | 2.08M | 2.45M | 2.19M | 127.75K | 190.22K | 1.95M | 410.53K | 551.99K | 767.72K |
| Working Capital Changes | 1.15M | 2.11M | -502.67K | 2.59M | 2.35M | -5.28M | 3.04M | 1.05M | 368.49K |
| Change in Receivables | 499.61K | 1.34M | -397.4K | 820.61K | 709.18K | -2.68M | -894.47K | 192.25K | -393.19K |
| Change in Inventory | 0 | 45.11K | 0 | 0 | 0 | 0 | 0 | -7.62K | -12.66K |
| Change in Payables | 1.26M | 1.24M | 272.12K | 1.47M | 1.63M | -959.75K | 1.05M | 40.88K | 584.05K |
| Cash from Investing | -1.7M | -1M | 1.98M | -7.23M | -3.19M | -1.04M | -1.1M | -1.48M | -1.03M |
| Capital Expenditures | -700.45K | -454 | -31.55K | -19.48K | -215.5K | -2.55K | -426 | -1.48M | -1.03M |
| CapEx % of Revenue | 68.17% | 0.02% | 0.34% | 0.2% | 2.07% | 0.02% | 0.01% | 34.32% | 23.34% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -5M | -5M | -678.29K | -4.73M | -2.98M | -1.04M | -1.1M | -1.45M | -969.68K |
| Cash from Financing | 10.24M | 10.24M | 5.82M | 70.89K | -3.42M | 38.75M | 2.03M | 3.08M | 3.52M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -3.5M | 1M | 2.03M | 3.08M | 2.17M |
| Equity Issued (Net) | 5.75M | 10.24M | 1.89M | 0 | 0 | 41.5M | 0 | 0 | -41 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -41 |
| Other Financing | 4.49M | 0 | 3.93M | 70.89K | 78.64K | -3.75M | 0 | 3.67K | 1.34M |
| Net Change in Cash | 2.04M | 5M | -465.26K | -12.97M | -12.43M | 27.04M | 642.02K | -1.08M | -192.08K |
| Free Cash Flow | -6.51M | -4.24M | -8.3M | -10.55M | -9.01M | -11.71M | -1.39M | -4.16M | -3.71M |
| FCF Margin % | -633.29% | -219.86% | -89.28% | -106.28% | -86.61% | -105.13% | -17% | -96.67% | -84.36% |
| FCF Growth % | 13.61% | 48.87% | 21.39% | -17.13% | 23.04% | -741.58% | 66.52% | -12.08% | - |
| FCF per Share | -1906.55 | -36.86 | -466.79 | -933.65 | -814.92 | -1145.88 | -1188.88 | -3551.41 | -3166.00 |
| FCF Conversion (FCF/Net Income) | 0.59x | 0.40x | 0.66x | 0.52x | 0.57x | 1.19x | 0.06x | 0.57x | 0.50x |
| Interest Paid | -1.95K | 0 | 0 | 16K | 161.58K | 2.82M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent operational cash burn
According to reported financial statements, iSpecimen consistently reports negative net income alongside operating cash outflows, with the OCF/NI ratio fluctuating significantly, such as the 1.48x observed in 2026Q1, which suggests that non-cash charges are failing to bridge the gap between accounting losses and actual cash depletion.
The persistent divergence between net income and operating cash flow indicates that the company's accounting losses are not merely a product of non-cash depreciation but reflect a fundamental inability to generate cash from operations. Investors should monitor the volatility in this ratio, as it suggests that working capital swings are masking the underlying structural cash burn.
As reported in recent filings, iSpecimen has failed to achieve positive free cash flow in any of the last ten quarters, with the 2026Q1 FCF margin reaching -21.5%, highlighting a trajectory of sustained cash depletion that remains decoupled from the company's reported net income figures.
The consistent negative free cash flow trajectory underscores the company's reliance on external financing to sustain its current operational footprint. This trend suggests that the business model has yet to reach the scale necessary to cover its fixed costs, leaving the company in a precarious liquidity position.
Based on the provided cash flow data, working capital changes have been highly erratic, swinging from a $2.7M inflow in 2023Q4 to a $962.4K outflow in 2026Q1, which indicates that the company's cash position is heavily dependent on the timing of collections and payables rather than operational efficiency.
The extreme fluctuations in working capital suggest that the company lacks a predictable cash conversion cycle, likely due to the transactional nature of its specimen fulfillment business. Such volatility warrants further investigation into whether these shifts represent genuine operational improvements or merely the timing of large, non-recurring project payments.
As indicated by historical financial data, iSpecimen's capital expenditure has remained inconsistent, with a notable 40.1% CapEx-to-revenue ratio in 2023Q4, suggesting that the company is struggling to balance necessary infrastructure maintenance with the reality of its rapidly contracting revenue base.
The erratic nature of capital spending relative to revenue suggests that management may be attempting to throttle investment in response to liquidity constraints. This lack of consistent capital allocation may hinder the company's ability to maintain the proprietary digital integration that serves as its primary competitive moat.
Quick answers to the most common questions about buying ISPC stock.
iSpecimen Inc. (ISPC) generated $-4.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
iSpecimen Inc. (ISPC) reported negative free cash flow of $4.2M in 2025, indicating capital requirements exceeded cash from operations.
iSpecimen Inc. (ISPC) 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.