Free cash flow remains deeply negative at -49.4% of revenue in 2026Q1, reflecting the ongoing capital-intensive nature of scaling the AquaBeam robotic platform.
| Cash from Operations | -70.13M | -48.98M | -99.21M | -108M | -80.38M | -57.33M | -48.34M | -43.82M |
| Operating CF Margin % | - | -15.9% | -44.19% | -79.3% | -107.16% | -166.32% | -626.45% | -710.29% |
| Operating CF Growth % | 12.69% | 50.63% | 8.14% | -34.36% | -40.2% | -18.6% | -10.33% | - |
| Net Income | -102.47M | -95.57M | -91.41M | -105.9M | -87.15M | -59.85M | -53.02M | -41.98M |
| Depreciation & Amortization | 6.65M | 6.39M | 5.23M | 3.81M | 2.84M | 3.32M | 2.86M | 1.49M |
| Stock-Based Compensation | 50.57M | 47.6M | 31.84M | 19.13M | 10.34M | 3.8M | 2.17M | 1.99M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 451K | 0 | 0 |
| Other Non-Cash Items | -21.03M | 433K | 2.45M | 1.11M | 5.08M | -345K | 126K | -1.8M |
| Working Capital Changes | -3.85M | -7.84M | -47.33M | -26.16M | -11.49M | -4.71M | -483K | -3.53M |
| Change in Receivables | -18.14M | -898K | -35.96M | -33.1M | -10.81M | -2.91M | -511K | 522K |
| Change in Inventory | -7.94M | -14.5M | -17.23M | -9.75M | -15.25M | -6.12M | -3.1M | -5.07M |
| Change in Payables | 5.22M | 6.65M | -2.15M | 5.79M | 3.96M | 812K | -205K | -260K |
| Cash from Investing | -10.43M | -9.36M | -4.41M | -25.21M | -2.65M | -592K | -233K | 43.15M |
| Capital Expenditures | -10.43M | -9.36M | -4.41M | -25.21M | -2.65M | -592K | -233K | -7.61M |
| CapEx % of Revenue | 3.24% | 3.04% | 1.96% | 18.51% | 3.54% | 1.72% | 3.02% | 123.37% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 10.12M | 11.19M | 180.13M | 167.79M | 3.61M | 262.12M | 106.77M | 26.53M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 1.2M | 0 | 24.68M | 24.53M |
| Equity Issued (Net) | 4.44M | 11.19M | 164.52M | 161.71M | 0 | 257.07M | 76.49M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 5.68M | 0 | 15.6M | 6.09M | 2.42M | 5.04M | 5.6M | 1.99M |
| Net Change in Cash | -70.56M | -47.22M | 76.5M | 34.59M | -79.42M | 204.19M | 58.2M | 25.86M |
| Free Cash Flow | -80.57M | -58.34M | -103.62M | -133.21M | -83.03M | -57.93M | -48.58M | -51.43M |
| FCF Margin % | -25.02% | -18.94% | -46.16% | -97.81% | -110.69% | -168.03% | -629.47% | -833.67% |
| FCF Growth % | 8.66% | 43.7% | 22.21% | -60.43% | -43.35% | -19.25% | 5.55% | - |
| FCF per Share | -1.43 | -1.05 | -1.99 | -2.82 | -1.87 | -1.33 | -1.38 | -1.53 |
| FCF Conversion (FCF/Net Income) | 0.79x | 0.51x | 1.09x | 1.02x | 0.92x | 0.96x | 0.91x | 1.04x |
| Interest Paid | 1.75M | 0 | 0 | 0 | 4.29M | 0 | 3.97M | 397K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent cash burn trajectory
Based on reported financial statements, PRCT exhibits a volatile relationship between net income and operating cash flow, with the OCF/NI ratio fluctuating significantly, reaching 1.21 in 2026Q1, which suggests that non-cash adjustments and working capital swings are currently masking the underlying operational cash generation profile.
The frequent divergence between net losses and operating cash flow indicates that the company's cash burn is heavily influenced by factors beyond simple accounting losses. Investors should monitor whether this volatility stabilizes as the business model shifts toward recurring revenue, as current fluctuations may obscure the true cost of scaling the commercial infrastructure.
As indicated by quarterly data, PRCT's free cash flow margins remain deeply negative, bottoming at -76.9% in 2024Q1 and remaining at -49.4% in 2026Q1, highlighting a persistent inability to generate self-sustaining cash flow despite the ongoing expansion of the installed base of robotic systems.
The persistent negative FCF trajectory suggests that the capital-intensive nature of the business model, combined with high operating expenses, continues to outpace the cash generated from consumable sales. This trend warrants further investigation into the timing of when the company might reach a cash-flow-neutral state, given the current reliance on external funding.
According to historical cash flow filings, working capital changes have been highly erratic, including a significant $25.0 million outflow in 2024Q4 followed by an $8.0 million inflow in 2025Q4, suggesting that inventory management and accounts receivable cycles are creating unpredictable impacts on the company's quarterly liquidity.
These swings in working capital appear to reflect the lumpy nature of capital equipment sales and the potential buildup of inventory to support future installations. Such variability makes it difficult to forecast short-term cash needs and suggests that the company's cash position remains sensitive to the timing of large hospital procurement cycles.
Data from recent SEC filings reveals that stock-based compensation has steadily increased to $13.1 million in 2026Q1, a non-cash expense that effectively masks the true magnitude of the company's operational cash burn and complicates the assessment of the actual runway available for commercial scaling activities.
While SBC is a standard tool for talent retention in high-growth medical technology, its rising scale suggests that the company's reported cash flow figures may be flattering the underlying operational reality. Analysts should adjust for these non-cash charges to better understand the true economic cost of the current growth strategy.
Quick answers to the most common questions about buying PRCT stock.
PROCEPT BioRobotics Corporation (PRCT) generated $-49.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
PROCEPT BioRobotics Corporation (PRCT) reported negative free cash flow of $58.3M in 2025, indicating capital requirements exceeded cash from operations.
PROCEPT BioRobotics Corporation (PRCT) spent $9.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.