Free cash flow remains consistently negative, highlighted by a $4.3M outflow in 2026Q1, which underscores the company's inability to achieve self-sustaining operational scale.
| Cash from Operations | -12.16M | -14.83M | -2.27M | -9.66M | -14.86M | -8.97M | -13.79M | -12.59M | -1.89M |
| Operating CF Margin % | - | -25.38% | -4.25% | -22.91% | -42.02% | -26.03% | -52.27% | -41.24% | -7.73% |
| Operating CF Growth % | -288.37% | -551.91% | 76.45% | 34.98% | -65.64% | 34.96% | -9.55% | -567.85% | - |
| Net Income | 29.4M | -34.28M | -31.4M | -14.38M | -19.91M | -19.6M | -19.77M | -14.66M | -12.59M |
| Depreciation & Amortization | 4.56M | 4.5M | 3.93M | 3.52M | 3.41M | 2.76M | 2.56M | 3.87M | 4.59M |
| Stock-Based Compensation | 2.49M | 3.14M | 2.67M | 5.54M | 6.61M | 6.87M | 9.04M | 102K | 1.32M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 527K | 57K | -78K | 0 |
| Other Non-Cash Items | -26.81M | 10.7M | 25.58M | 3.45M | 618K | 517K | 505K | 537K | 9.15M |
| Working Capital Changes | -4.38M | 1.1M | -3.04M | -7.78M | -5.58M | -42K | -6.19M | -2.36M | 5.92M |
| Change in Receivables | 2.39M | 289K | -2.1M | 1.08M | -1.44M | -2.65M | 1.33M | 14K | 443K |
| Change in Inventory | -11.21M | -13.9M | -4.9M | -7.46M | -6.89M | 2.33M | -8.7M | -4.77M | -876K |
| Change in Payables | 7.34M | 12.99M | 1.96M | -1.42M | 2.73M | 213K | 910K | 127K | 663K |
| Cash from Investing | 4.75M | 1.28M | -2.16M | -4.16M | -115K | -354K | -326K | -2.09M | -3.89M |
| Capital Expenditures | -77K | -83K | -156K | -236K | -115K | -354K | -366K | -2.09M | -3.25M |
| CapEx % of Revenue | 0.13% | 0.14% | 0.29% | 0.56% | 0.33% | 1.03% | 1.39% | 6.84% | 13.32% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 40K | 0 | -644K |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -644K |
| Cash from Financing | 358K | 10.26M | 78K | 19.76M | -1.99M | 361K | 50M | 15.95M | 6.96M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 12.4M | 13.22M | 3.5M |
| Equity Issued (Net) | 677K | 258K | 58K | 13.88M | 408K | 361K | 39.46M | 3.83M | 3.87M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -1.86M | -31K | -198K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -319K | 10M | 20K | 5.88M | -2.4M | 0 | 0 | -1.07M | -214K |
| Net Change in Cash | -7.05M | -3.29M | -4.36M | 5.95M | -16.96M | -8.96M | 35.88M | 1.27M | 1.18M |
| Free Cash Flow | -12.24M | -14.91M | -2.43M | -9.89M | -14.97M | -9.32M | -14.16M | -14.68M | -5.13M |
| FCF Margin % | -21.21% | -25.52% | -4.54% | -23.47% | -42.34% | -27.06% | -53.66% | -48.08% | -21.05% |
| FCF Growth % | -202.4% | -513.49% | 75.43% | 33.91% | -60.58% | 34.15% | 3.55% | -185.95% | - |
| FCF per Share | -0.79 | -1.25 | -0.21 | -0.90 | -1.47 | -0.99 | -1.29 | -1.38 | -4.80 |
| FCF Conversion (FCF/Net Income) | -0.42x | 0.43x | 0.07x | 0.67x | 0.75x | 0.46x | 0.70x | 0.86x | 0.15x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 42K | 42K | 24K | 18K | 3K | 19K | 0 | 0 | 0 |
Liquidity and capital runway
As reported in recent financial filings, the relationship between net income and operating cash flow is erratic, highlighted by a 2026Q1 net income of $36.3M against a negative $4.3M in operating cash flow, suggesting significant non-cash distortions or accounting anomalies that obscure true operational performance.
The extreme divergence between reported net income and cash generation indicates that earnings are not currently a reliable proxy for the company's ability to fund its own operations. Investors should monitor whether these accounting swings represent one-time adjustments or a structural disconnect between accrual-based reporting and actual cash collection.
Based on quarterly cash flow statements, LENSAR has struggled to maintain positive free cash flow, with the most recent period showing a $4.3M outflow, reflecting a persistent inability to generate self-sustaining cash despite the ongoing commercial rollout of the ALLY platform across the United States.
The recurring negative free cash flow trajectory suggests that the company's current business model is heavily reliant on external financing to cover its operating deficits. This trend warrants further investigation into whether the cost of customer acquisition for the ALLY system will ever reach a point of cash-flow neutrality.
According to historical cash flow data, working capital changes have been highly inconsistent, including a significant $8.6M outflow in 2026Q1, which suggests that the company is facing challenges in managing its cash conversion cycle as it scales its medical device manufacturing and distribution operations.
The volatility in working capital appears to be a primary driver of the company's erratic cash position, potentially indicating inefficiencies in inventory management or delays in collecting payments from surgical centers. Such fluctuations may indicate that the company's growth is consuming cash faster than it can be recovered.
As indicated by the provided financial statements, stock-based compensation remains a consistent non-cash expense, averaging roughly $700K per quarter, which effectively masks the true extent of the company's cash burn by reducing the reported net loss without impacting the actual cash balance available for operations.
While stock-based compensation is a standard practice for growth-stage medical device firms, its persistence in the face of negative operating cash flow suggests that the company is relying on equity dilution to preserve its limited cash runway. This practice may indicate that the underlying business is not yet generating sufficient cash to attract or retain talent without significant equity-based incentives.
Quick answers to the most common questions about buying LNSR stock.
LENSAR, Inc. (LNSR) generated $-14.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
LENSAR, Inc. (LNSR) reported negative free cash flow of $14.9M in 2025, indicating capital requirements exceeded cash from operations.
LENSAR, Inc. (LNSR) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.