The company's capital structure is strained, with an accumulated deficit of $141.2M as of 2026Q1 and a current ratio that has compressed to 2.38 from a 4.06 peak in 2024Q1.
| Total Current Assets | 42.4M | 46.77M | 41.98M | 46.44M | 33.72M | 44.81M | 58.38M | 17.18M | 11.75M |
| Cash & Short-Term Investments | 13.49M | 17.98M | 22.45M | 24.06M | 14.67M | 31.64M | 40.6M | 4.62M | 3.34M |
| Cash Only | 12.49M | 12.97M | 16.26M | 20.62M | 14.67M | 31.64M | 40.6M | 4.62M | 3.34M |
| Short-Term Investments | 1M | 5M | 6.19M | 3.44M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 5.18M | 6.38M | 6.48M | 4.32M | 6.24M | 4.99M | 2.46M | 3.89M | 3.3M |
| Days Sales Outstanding | 36.54 | 39.83 | 44.21 | 37.43 | 64.42 | 52.83 | 33.98 | 46.46 | 49.42 |
| Inventory | 23.1M | 21.52M | 11.43M | 15.69M | 11.74M | 6.49M | 13.47M | 8.06M | 4.06M |
| Days Inventory Outstanding | 244.24 | 250.85 | 150.9 | 271.95 | 278.2 | 142.43 | 399.58 | 170.15 | 100.33 |
| Other Current Assets | 625K | 896K | 1.62M | 2.37M | 1.06M | 0 | 0 | 0 | 472K |
| Total Non-Current Assets | 23.82M | 24.66M | 24.32M | 23.14M | 22.13M | 21.65M | 20.73M | 17.35M | 17.14M |
| Property, Plant & Equipment | 15.65M | 505K | 664K | 10.28M | 6.88M | 7.45M | 4.42M | 2.15M | 3.62M |
| Fixed Asset Turnover | 6.91x | 115.71x | 80.56x | 4.10x | 5.14x | 4.63x | 5.98x | 14.19x | 6.74x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 4.96M | 5.19M | 6.11M | 11.03M | 12.12M | 10.87M | 12.11M | 13.37M | 12.29M |
| Long-Term Investments | 2.32M | 0 | 1.16M | 492K | 442K | 0 | 0 | 0 | 753K |
| Other Non-Current Assets | 2.55M | 18.96M | 16.38M | 1.34M | 3.13M | 3.34M | 4.21M | 1.84M | 476K |
| Total Assets | 66.22M | 71.43M | 66.3M | 69.58M | 55.84M | 66.47M | 79.12M | 34.54M | 28.89M |
| Asset Turnover | 0.83x | 0.82x | 0.81x | 0.61x | 0.63x | 0.52x | 0.33x | 0.88x | 0.84x |
| Asset Growth % | 26.38% | 7.74% | -4.73% | 24.61% | -15.98% | -15.99% | 129.09% | 19.56% | - |
| Total Current Liabilities | 17.8M | 40.57M | 15M | 11.63M | 11.42M | 8.71M | 8.47M | 7.83M | 7.66M |
| Accounts Payable | 10.1M | 18.98M | 6M | 4.01M | 5.42M | 2.69M | 2.48M | 1.58M | 1.41M |
| Days Payables Outstanding | 159.59 | 221.26 | 79.16 | 69.46 | 128.48 | 59.14 | 73.58 | 33.27 | 34.88 |
| Short-Term Debt | 785K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 653K |
| Deferred Revenue (Current) | 10.96M | 3.07M | 1.68M | 1.35M | 768K | 904K | 923K | 777K | 871K |
| Other Current Liabilities | 1.64M | 15.05M | 5M | 4.01M | 3.52M | 3.38M | 2.97M | 4.67M | 1.98M |
| Current Ratio | 2.38x | 1.15x | 2.80x | 3.99x | 2.95x | 5.14x | 6.90x | 2.19x | 1.53x |
| Quick Ratio | 1.08x | 0.62x | 2.04x | 2.64x | 1.92x | 4.40x | 5.30x | 1.16x | 1.00x |
| Cash Conversion Cycle | 121.19 | 69.42 | 115.95 | 239.93 | 214.13 | 136.13 | 359.98 | 183.33 | 114.88 |
| Total Non-Current Liabilities | 23.85M | 56.88M | 32.65M | 10.78M | 2.44M | 2.87M | 3.44M | 57.26M | 41.69M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.2M | 41.21M |
| Capital Lease Obligations | 7.77M | 1.99M | 2.09M | 1.75M | 2.27M | 2.8M | 3.31M | 333K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 21.25M | 54.89M | 30.56M | 9.03M | 167K | 69K | 129K | 36.73M | 479K |
| Total Liabilities | 41.65M | 97.45M | 47.65M | 22.41M | 13.86M | 11.59M | 11.91M | 65.09M | 49.35M |
| Total Debt | 2.57M | 2.73M | 2.61M | 2.31M | 2.8M | 3.31M | 3.81M | 20.53M | 41.21M |
| Net Debt | -9.92M | -10.24M | -13.65M | -18.31M | -11.87M | -28.32M | -36.79M | 15.92M | 37.87M |
| Debt / Equity | 0.10x | - | 0.14x | 0.05x | 0.07x | 0.06x | 0.06x | - | - |
| Debt / EBITDA | -0.21x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.83x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | -13.76x | -6.32x | - |
| Total Equity | 24.57M | -26.02M | 18.65M | 47.18M | 41.98M | 54.88M | 67.21M | -30.55M | -20.46M |
| Equity Growth % | -702.24% | -239.54% | -60.48% | 12.37% | -23.5% | -18.35% | 319.98% | -49.29% | - |
| Book Value per Share | 1.59 | -2.18 | 1.62 | 4.30 | 4.13 | 5.85 | 6.15 | -2.87 | -19.13 |
| Total Shareholders' Equity | 24.57M | -26.02M | 18.65M | 47.18M | 41.98M | 54.88M | 67.21M | -30.55M | -20.46M |
| Common Stock | 121K | 120K | 116K | 113K | 111K | 110K | 109K | 11K | 96K |
| Retained Earnings | -141.24M | -177.57M | -143.29M | -111.89M | -97.51M | -77.59M | -57.99M | -38.19M | -23.53M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 4K | 6K | 4K | 0 | 0 | 0 | 0 | -23.53M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital runway and dilution
According to quarterly financial data, LENSAR's equity position has experienced extreme volatility, swinging from a positive $33.4M in 2023Q4 to a deficit of $26.0M by 2025Q4, which underscores a deteriorating balance sheet trajectory driven by persistent operating losses and an inability to achieve self-sustaining scale.
The rapid erosion of shareholder equity suggests that the company is consuming its capital base to fund commercialization efforts for the ALLY platform. Investors should monitor whether this trend of negative equity persists, as it may indicate a structural impairment of the business model's ability to generate long-term value.
Based on reported figures, the current ratio has compressed from a peak of 4.06 in 2024Q1 to 2.38 in 2026Q1, reflecting a tightening liquidity buffer as cash reserves dwindle against the backdrop of ongoing, high-cost commercial expansion and R&D requirements for the ALLY system.
While the current ratio remains above 1.0, the absolute cash balance of $12.5M in 2026Q1 provides a limited cushion for a company with negative operating margins. This suggests that the firm may face significant pressure to secure additional financing in the near term to maintain its current operational footprint.
As reported in financial statements, LENSAR's asset base remains heavily concentrated in PPE and intangibles, with PPE net values fluctuating significantly, reaching $15.7M in 2026Q1, which highlights the capital-intensive nature of manufacturing and placing specialized surgical laser systems in clinical environments.
The volatility in PPE values suggests that the company is actively managing its installed base, potentially through a mix of direct sales and equipment placements. The reliance on these physical assets implies that any slowdown in system adoption could lead to underutilized capacity and potential future impairment risks.
Based on the provided balance sheet data, the most non-obvious risk is the recurring negative equity position observed throughout 2025, which suggests that the company's accumulated deficit of $141.2M as of 2026Q1 may necessitate significant future dilution to restore a healthy capital structure.
The persistent negative retained earnings indicate that the company has yet to reach an inflection point where recurring procedure revenue covers the cost of its capital-heavy business model. This structural imbalance warrants further investigation into the company's long-term financing strategy and the potential for future equity issuance.
Quick answers to the most common questions about buying LNSR stock.
As of 2025, LENSAR, Inc. (LNSR) had total assets of $71.4M including $46.8M in current assets.
LENSAR, Inc. (LNSR) carries total debt of $2.7M, offset by $18.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
LENSAR, Inc. (LNSR) has total shareholders' equity (book value) of $-26.0M ($-2.18 book value per share). Book value represents the net worth of the company belonging to common stock holders.
LENSAR, Inc. (LNSR) reported a current ratio of 1.15x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.