Free cash flow remains deeply negative at -$12.5 million for 2026Q1, reflecting a cash burn rate that is significantly exacerbated by an OCF/NI ratio of -42.69.
| 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 | Jun'13 | Jun'12 | Dec'11 | Jun'10 | Jun'09 |
|---|
| Cash from Operations | -38.65M | -35.1M | -21.87M | -16.38M | -15.54M | -13.21M | -9.08M | -9.81M | -7.61M | -8.13M | -7.5M | -11.6M | -19.36M | -10.3M | -8.58M | -6M | -18.98K | -825 |
| Operating CF Margin % | - | -390.95% | -312% | -263.92% | -300.56% | -293.88% | -365.43% | -263.64% | -211.22% | -294.49% | -395.72% | -501.99% | -687.08% | -211.37% | -160.4% | -99.98% | - | -0.02% |
| Operating CF Growth % | -221.61% | -60.52% | -33.54% | -5.37% | -17.65% | -45.47% | 7.43% | -28.98% | 6.46% | -8.49% | 35.37% | 40.11% | -87.98% | -20.05% | -42.93% | -31526.36% | -2200.73% | - |
| Net Income | -37.33M | -48.79M | -32.01M | -19.92M | -18.49M | -14.92M | -10.54M | -10.04M | -7.24M | -8.44M | -8.46M | -15.59M | -25.09M | -29.26M | -17.6M | -14.66M | -23.98K | -3.83K |
| Depreciation & Amortization | 527K | 476K | 280K | 232K | 188K | 161K | 151K | 158K | 152K | 178K | 191K | 241K | 263K | 208K | 120K | 89K | 0 | 0 |
| Stock-Based Compensation | 11.71M | 12.33M | 10.14M | 4.49M | 2.35M | 1.58M | 606K | 325K | 70K | 672K | 978K | 3.11M | 4.14M | 3.84M | 10.55M | 9.59M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 74K | 177K | 89K | -14K | 28K | -135K | 612K | 59K | 240K | 71K | 81K | 0 | 0 |
| Other Non-Cash Items | -165K | -231K | -1.02M | -381K | 14K | -28K | -4K | 8K | -392K | -511K | 222K | 249K | 350K | 14.31M | -65K | 897K | 0 | 0 |
| Working Capital Changes | 591K | 1.11M | 736K | -801K | 395K | -75K | 533K | -350K | -182K | -60K | -290K | -220K | 923K | 356K | -1.66M | -2M | 5K | 3K |
| Change in Receivables | -635K | -314K | 198K | -1.21M | 142K | -748K | 347K | -107K | -73K | -287K | 49K | 230K | 1.22M | 85K | -1.1M | -1.43M | 0 | 0 |
| Change in Inventory | -214K | -826K | -464K | -485K | -478K | 272K | -179K | -102K | -601K | -33K | 253K | 1.17M | -331K | 214K | -254K | -96K | 0 | 0 |
| Change in Payables | 227K | 1K | 315K | 280K | -234K | 657K | -410K | -283K | 584K | -290K | 106K | -397K | -659K | 390K | -322K | -371K | 0 | 0 |
| Cash from Investing | -17.48M | -30.56M | 12.64M | -16.09M | 8.44M | -22.46M | -187K | -387K | -44K | -318K | 70K | -23K | -86K | -376K | -43K | 13K | 0 | 0 |
| Capital Expenditures | -1.5M | -1.66M | -1.4M | -381K | -473K | -344K | -88K | -284K | -67K | -258K | -49K | -16K | -133K | -202K | -290K | -139K | 0 | 0 |
| CapEx % of Revenue | 13.8% | 18.51% | 20% | 6.14% | 9.15% | 7.65% | 3.54% | 7.63% | 1.86% | 9.34% | 2.59% | 0.69% | 4.72% | 4.15% | 5.42% | 2.32% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 297K | 27.94M | 28.49M | -67K | -86K | -113K | -121K | -103K | 23K | -60K | 119K | -7K | 47K | -174K | 247K | 152K | 0 | 0 |
| Cash from Financing | 55.06M | 55.57M | 18.45M | 37.53M | -140K | 35.03M | 16.39M | 6.33M | 13.37M | 4.63M | 11.7M | 8.62M | 8.27M | 15.12M | 11.07M | 10.67M | 20K | 0 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.18M | -2.65M | -3.7M | -1.15M | -8.79M | 9.59M | -1.4M | 0 | 0 |
| Equity Issued (Net) | 40.16M | 55.57M | 1.6M | 37.53M | 0 | 35.03M | 16.39M | 6.33M | 13.37M | 6.82M | 14.37M | 12.43M | 9.54M | 22.88M | 0 | 10.56M | 20K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.01M | 0 | 0 | 0 | 0 | -27K | -21K | 0 | 0 | 0 |
| Other Financing | 14.91M | 0 | 16.85M | 0 | -140K | 0 | 0 | 0 | 0 | -10K | -14K | -113K | -115K | 1.03M | 1.48M | 1.5M | 0 | 655K |
| Net Change in Cash | -1.02M | -9.98M | 9.28M | 5.01M | -7.37M | -641K | 7.13M | -3.87M | 5.67M | -3.81M | 4.26M | -3.04M | -11.23M | 4.54M | 2.21M | 4.46M | 1.02K | -825 |
| Free Cash Flow | -40.15M | -36.77M | -23.27M | -16.76M | -16.02M | -13.55M | -9.17M | -10.09M | -7.67M | -8.39M | -7.54M | -11.61M | -19.5M | -10.5M | -8.87M | -6.14M | -18.98K | -825 |
| FCF Margin % | -370.07% | -409.46% | -332% | -270.06% | -309.71% | -301.54% | -368.97% | -271.27% | -213.08% | -303.84% | -398.31% | -502.68% | -691.8% | -215.51% | -165.83% | -102.3% | - | -0.02% |
| FCF Growth % | -47.8% | -57.99% | -38.87% | -4.63% | -18.16% | -47.82% | 9.16% | -31.55% | 8.54% | -11.2% | 35.03% | 40.44% | -85.63% | -18.4% | -44.42% | -32258.67% | -2200.73% | - |
| FCF per Share | -0.55 | -0.50 | -0.55 | -0.69 | -2.03 | -1.85 | -6.06 | -72.45 | -249.37 | -4241.15 | -134714.29 | -999999.00 | -999999.00 | -999999.00 | -4646.41 | -0.09 | -2711.57 | -151.47 |
| FCF Conversion (FCF/Net Income) | 1.08x | 0.72x | 0.68x | 0.82x | 0.84x | 0.89x | 0.86x | 0.98x | 1.05x | 0.96x | 0.89x | 0.74x | 0.77x | 0.35x | 0.49x | 0.41x | 0.79x | 0.22x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 399K | 863K | 1.08M | 745K | 225K | 24K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6K | 13K | 14K | 78K | 17K | 37K | 0 | 0 |
Binary U.S. Regulatory Approval
According to the provided cash flow statements, the company's operating cash flow consistently trails net income, with the OCF/NI ratio reaching -42.69 in 2026Q1, indicating that reported earnings are not currently supported by actual cash generation from core business operations.
The persistent gap between net income and operating cash flow suggests that the company's accounting results are heavily influenced by non-cash items and accruals rather than operational efficiency. Investors should monitor this divergence, as it implies that the business remains in a cash-consuming phase where profitability is not yet a reflection of sustainable cash inflows.
As reported in financial statements, NSPR's free cash flow remains deeply negative, with quarterly outflows consistently exceeding $4 million and reaching $12.5 million in 2026Q1, highlighting the significant capital requirements necessary to sustain international operations and clinical trial activities.
The trajectory of free cash flow indicates a business model that is currently dependent on external financing to bridge the gap between operational expenses and revenue. This trend suggests that until the company achieves a critical mass of commercial adoption or U.S. market entry, cash burn will likely remain the primary constraint on strategic flexibility.
Based on the company's reported figures, capital expenditures have remained relatively modest, peaking at $576,000 in 2025Q2, which suggests that the firm is prioritizing clinical trial and R&D investment over heavy investment in physical manufacturing infrastructure at this stage of its lifecycle.
The relatively low capital intensity relative to revenue suggests that the company is leveraging third-party manufacturing or distribution models rather than building out a capital-heavy production base. This approach appears to preserve cash for regulatory milestones, though it may limit the company's ability to capture higher margins through vertical integration.
Data from recent filings shows significant fluctuations in working capital, with a $1.1 million outflow in 2026Q1 following periods of inconsistent cash conversion, suggesting that the company's reliance on third-party distributors creates unpredictable timing in cash collections and inventory management.
The volatility in working capital changes implies that the company's cash position is sensitive to the payment cycles of its international distribution network. This lack of predictability in cash conversion cycles warrants further investigation, as it may exacerbate liquidity pressures during periods of rapid growth or supply chain expansion.
Analysis of the cash flow statement reveals that stock-based compensation consistently adds back millions to the cash flow reconciliation, with $2.1 million in 2026Q1 alone, which effectively masks the true extent of the company's cash-based operational losses.
By relying on equity-based compensation to manage cash outflows, the company is effectively shifting the burden of its operational burn onto shareholders through dilution. This practice suggests that the reported operating cash flow figures may understate the actual economic cost of running the business, making it essential for investors to evaluate cash burn on a pre-SBC basis.
Quick answers to the most common questions about buying NSPR stock.
InspireMD, Inc. (NSPR) generated $-35.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
InspireMD, Inc. (NSPR) reported negative free cash flow of $36.8M in 2025, indicating capital requirements exceeded cash from operations.
InspireMD, Inc. (NSPR) spent $1.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.