Free cash flow remains deeply negative at -$5.2 million for 2026Q1, indicating that the company's cash burn is accelerating as it attempts to scale its robotic medical device operations.
Microbot Medical Inc. (MBOT) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -17.64M | -13.05M | -8.83M | -8.53M | -11.55M | -9.35M | -7.25M | -6.45M | -5.31M | -4.86M | -786K | -765K | -27.35M | -23.32M | -19.87M | -22.06M | -24.52M | -24.68M | -22.74M | -20.86M | -16.1M | -11.87M | -11.27M | -8.54M | -10.09M | -10.52M | -6.32M | -12.49M | -9.2M | -13.8M | -10M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | -653.85% | -2702.81% | -1938.65% | -1452.44% | -1806.58% | -1718.28% | -2485.99% | -9813.33% | -36770.12% | -17344.23% | -5764.82% | -7993.75% | -3124.45% | -2428.47% | -1305.96% | -8503.5% | -248.69% | -104.51% | -130.19% | -140.85% |
| Operating CF Growth % | -331.17% | -47.8% | -3.45% | 26.11% | -23.47% | -28.99% | -12.42% | -21.49% | -9.35% | -517.81% | -2.75% | 97.2% | -17.28% | -17.38% | 9.92% | 10.04% | 0.66% | -8.54% | -9.03% | -29.51% | -35.66% | -5.29% | -31.96% | 15.31% | 4.08% | -66.44% | 49.41% | -35.75% | 33.33% | -38% | -150% |
| Net Income | -16.34M | -13.14M | -11.44M | -10.74M | -13.17M | -11.31M | -9.17M | -7.25M | -7.26M | -7.59M | -9.66M | -921K | -32.74M | -26.44M | -28.49M | -21.33M | -25.24M | -27.03M | -29.09M | -25.02M | -18.95M | -11.74M | -15.33M | -12.29M | 0 | -3.45M | -11.13M | -15.71M | -12.6M | -18.1M | -13.8M |
| Depreciation & Amortization | 47K | 47K | 91K | 106K | 102K | 76K | 68K | 84K | 54K | 21K | 10K | 17K | 1.31M | 1.06M | 991.72K | 1.21M | 1.52M | 1.69M | 1.19M | 1.17M | 1.04M | 1.08M | 1.04M | 1.01M | 402.19K | 1.89M | 2.78M | 2.05M | 2.8M | 2.1M | 1.8M |
| Stock-Based Compensation | 1.22M | 1.06M | 1.35M | 1.39M | 1.75M | 1.39M | 1.94M | 1.1M | 1.4M | 479K | 676K | 0 | 2.03M | 2.61M | 2.88M | 3.26M | 3.93M | 4.2M | 3.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.93M | -169.89K | -406.91K | 0 | 0 | 0 | -354.62M | -829.57M | -251.21M | 0 | -1.24B | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -96K | 495K | 234K | 718K | -7K | 320K | -70K | -121K | 74K | 2.32M | 7.33M | 7K | 374.33K | -550.24K | 5.99M | -27.94M | -2.94M | -1.9M | 3.02M | 1.91M | 2.43M | 351.59M | 830.65M | 252.06M | -10.6M | 1.23B | -1.43M | 1.31M | 500K | 5.3M | 500K |
| Working Capital Changes | -2.47M | -1.5M | 942K | -11K | -228K | 177K | -18K | -266K | 423K | -83K | 862K | 132K | 1.67M | 0 | -1.24M | 810.14K | -1.61M | -1.25M | -1.81M | 1.08M | -630.61K | 1.82M | 1.93M | 1.88M | 106.97K | -1.47M | 3.45M | -134.84K | 100K | -3.1M | 1.5M |
| Change in Receivables | -176K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 538K | 66K | 137.34K | 13.08K | -50.45K | 67.97K | 511.14K | 0 | 100.43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -2.32M | -584K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -880.18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -384K | 0 | 0 | 0 | 0 | 0 | 0 | -140K | 0 | 0 | 0 | 292.19K | 2.06M | 2.14M | -409.33K | 130.77K | -808.72K | 0 | -936.48K | 1.6M | 0 | 48.13K | 665.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -36.78M | -72.38M | 1.54M | 1.97M | -3.84M | 3.2M | -2.77M | -2.45M | -223K | -58K | -25K | -2K | -425.62K | 9.04M | -10.69M | -3.42M | -923.96K | 3.73M | 24.22M | -27.16M | -1.3M | -847.5K | -748.3K | -189.73K | -222.34K | 7.74M | 389.72K | 9.97M | 1M | 10.3M | 6.6M |
| Capital Expenditures | -288K | -60K | -25K | -33K | -84K | -69K | -91K | -216K | -223K | -58K | -25K | -2K | -903.94K | -42.87K | -73.08K | -296.93K | -923.96K | -716.24K | -337.36K | -1.32M | -1.26M | -847.5K | -676.14K | -189.73K | -222.34K | -334.32K | -151.21K | -192.75K | -2.6M | -10.2M | -4.4M |
| CapEx % of Revenue | 83.24% | - | - | - | - | - | - | - | - | - | - | 1.71% | 89.32% | 3.56% | 5.34% | 24.32% | 64.75% | 72.14% | 145.58% | 2326.04% | 1355.68% | 411.58% | 479.41% | 69.39% | 53.53% | 41.52% | 203.52% | 3.84% | 29.54% | 96.23% | 61.97% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38.5K | 0 | -83.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -886.75K | -552.25K | 0 | 10.9M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -962K | 0 | 0 | 3K | -3K | 0 | -200K | 259K | 0 | 0 | 0 | 0 | 478.32K | -4.7M | 0 | 83.75M | 0 | -79.83K | 701.97K | -1.05M | -38.38K | 0 | -72.17K | 0 | 0 | 249.66K | 1.43M | 1.19M | 0 | 100K | -800K |
| Cash from Financing | 53.7M | 86.24M | 7.94M | 6.56M | 4.32M | 0 | -3.38M | 36.77M | -18K | 13.02M | 3.08M | 413K | 22.2M | 36.4M | 25.74M | 19.13M | 6.59M | 29.79M | 18.8M | 5.98M | 34.66M | 6.2M | 40M | 17.58M | 848.81K | 10.41M | 7.24M | -1.15M | 100K | -300K | 13.8M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 750K | 413K | 1.77M | 12.72M | -211.42K | -176.25K | -161.25K | -20.61K | -153.78K | -163.03K | -308.84K | -283.4K | -267.91K | -229.17K | -289.17K | -332.08K | -324.17K | -1.82M | -100K | -2.5M | 2.9M |
| Equity Issued (Net) | 53.7M | 86.24M | 7.94M | 6.56M | 4.32M | 0 | -3.38M | 36.77M | 0 | 12.7M | 0 | 25.93M | 18.45M | 23.15M | 19.69M | 19.37M | 6.8M | 29.22M | 18.83M | 6.14M | 34.96M | 6.68M | 40.27M | 17.81M | 1.13M | 10.74M | 6.95M | 664.04K | 200K | 2.1M | 10.9M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15.33B | 0 | -10.37B | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -392.59K | -499.33K | -342.37K | -59.09K | -403.63K | -483.41K | -380.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18K | 317K | 2.33M | -25.93M | 1.97M | 533.55K | 6.26M | -65.46K | -48.2K | 584.49K | 127.52K | 0 | 0 | -193.95K | 15.33B | 0 | 10.37B | 0 | 609.9K | 0 | 0 | 100K | 0 |
| Net Change in Cash | 85K | 810K | 646K | -2K | -11.06M | -6.15M | -13.39M | 27.87M | -5.55M | 8.11M | 2.27M | -354K | -5.6M | 22.11M | -4.84M | -6.4M | -18.91M | 8.57M | 20.28M | -42.04M | 17.25M | -6.52M | 27.98M | 8.85M | -9.46M | 7.63M | 1.31M | -3.1M | -8.1M | -4M | 10.4M |
| Free Cash Flow | -17.93M | -13.11M | -8.85M | -8.57M | -11.63M | -9.42M | -7.34M | -6.67M | -5.53M | -4.91M | -811K | -767K | -28.26M | -28M | -19.94M | -22.36M | -25.44M | -25.4M | -23.08M | -22.18M | -17.36M | -12.72M | -11.95M | -8.73M | -10.31M | -10.85M | -6.47M | -12.68M | -11.8M | -24M | -14.4M |
| FCF Margin % | -5181.79% | - | - | - | - | - | - | - | - | - | - | -655.56% | -2792.13% | -2327.75% | -1457.78% | -1830.89% | -1783.03% | -2558.13% | -9958.91% | -39096.15% | -18699.91% | -6176.4% | -8473.17% | -3193.84% | -2482% | -1347.48% | -8707.02% | -252.53% | -134.05% | -226.42% | -202.82% |
| FCF Growth % | -80.63% | -48.06% | -3.34% | 26.36% | -23.45% | -28.33% | -10.14% | -20.5% | -12.6% | -505.92% | -5.74% | 97.29% | -0.91% | -40.42% | 10.79% | 12.14% | -0.18% | -10.06% | -4.07% | -27.72% | -36.52% | -6.43% | -36.84% | 15.29% | 4.98% | -67.72% | 48.99% | -7.48% | 50.83% | -66.67% | -166.67% |
| FCF per Share | -0.27 | -0.29 | -0.57 | -0.84 | -1.60 | -1.33 | -1.03 | -1.56 | -0.62 | -0.55 | -0.85 | -10.47 | -742.96 | -1044.76 | -1120.86 | -2552.84 | -3343.04 | -3880.07 | -4519.74 | -4503.68 | -3770.44 | -3237.80 | -3902.69 | -4410.57 | -6655.67 | -7493.29 | -5225.62 | -10961.18 | -10451.73 | -23188.41 | -14953.27 |
| FCF Conversion (FCF/Net Income) | 1.10x | 0.99x | 0.77x | 0.79x | 0.88x | 0.83x | 0.79x | 0.89x | 0.73x | 0.64x | 0.08x | 0.02x | 0.84x | 0.88x | 0.70x | 1.03x | 0.97x | 0.91x | 0.78x | 0.83x | 0.85x | 1.01x | 0.74x | 0.70x | 0.97x | 3.05x | 0.56x | 0.80x | 0.73x | 0.76x | 0.72x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MBOT stock.
Microbot Medical Inc. (MBOT) generated $-13.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Microbot Medical Inc. (MBOT) reported negative free cash flow of $13.1M in 2025, indicating capital requirements exceeded cash from operations.
Microbot Medical Inc. (MBOT) 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.
Key Metrics
Top Statement Risk
Critical cash runway depletion
Metrics are mathematically derived from official filings.
Operating Cash Flow Deficit Persists
As reported in financial statements, Microbot's operating cash flow consistently trails net losses, with an OCF/NI ratio of 1.38 in 2026Q1, indicating that cash outflows are accelerating faster than the company's ability to manage its underlying operational burn rate during this pre-commercial phase.
The persistent gap between net income and operating cash flow suggests that non-cash expenses and working capital requirements are exerting significant pressure on the company's liquidity. Investors should monitor whether this divergence continues as the company attempts to scale its clinical trial activities.
Negative Free Cash Flow Trajectory
Based on recent SEC filings, Microbot's free cash flow remains deeply negative, reaching -$5.2 million in 2026Q1, which highlights the substantial capital intensity required to sustain the development of the Liberty robotic system without any meaningful offsetting revenue streams to stabilize the burn.
The lack of positive free cash flow is a structural reality for a pre-revenue firm, yet the widening deficit suggests that clinical trial costs are escalating. This trajectory implies that the company remains entirely dependent on external financing to maintain its current operational roadmap.
Volatile Working Capital Management Trends
According to the provided cash flow data, working capital changes have been highly erratic, swinging from a $1.4 million inflow in 2024Q4 to a $1.4 million outflow in 2026Q1, reflecting the unpredictable nature of timing payments for clinical research and supply chain procurement.
This volatility suggests that management is likely managing cash outflows on a project-by-project basis rather than through a stable operational cycle. Such fluctuations warrant further investigation into whether these outflows represent one-time milestone payments or recurring operational costs.
Hidden Cash Burn and Dilution
As indicated by historical data, the company relies on stock-based compensation, which averaged over $250,000 per quarter, to preserve cash, yet this practice masks the true economic cost of operations and contributes to the ongoing dilution of existing shareholders' equity interests.
While stock-based compensation reduces immediate cash outflows, it does not alleviate the fundamental need for capital to fund clinical trials. Investors should be wary that this strategy may only provide a temporary buffer against the company's underlying cash-burning business model.