Quanterix Corporation (QTRX) Cash Flow Statement

The 2026Q2 OCF/NI ratio of -0.05 reflects a positive operating cash flow alongside a large net loss, which suggests that much of the reported loss is driven by non-cash items such as the $8.7M stock-based compensation and $6.9M D&A plus working capital movements. Conversion quality is inconsistent, with 2026Q1 showing OCF of -$18.1M against a -$17.5M net loss, so a single quarter should not be read as evidence of durable cash generation. Investors should monitor whether the 2026Q2 working capital inflow of $23.7M is repeatable, since it appears to account for most of the quarter's operating cash generation.

Across the ten reported quarters, free cash flow has been predominantly negative, with margins ranging from roughly -104% to +7.6%, which points to an unproven path to self-funding. The single positive quarter appears driven by working capital timing rather than a structural improvement in earnings power, so the trajectory warrants further investigation before being treated as a turn. Management's ability to sustain positive FCF cannot be assessed from this window alone.

Low capital intensity suggests the business is not consuming cash to grow its physical base, which is consistent with a platform or instrument model rather than heavy manufacturing. However, D&A of $6.9M running well above CapEx of $96K in 2026Q2 may indicate that depreciation is largely reflecting prior investments or acquired intangibles rather than ongoing reinvestment. Investors should monitor whether the sustained underinvestment relative to D&A reflects efficient asset use or deferred spending.

The bulk of recent discretionary cash deployment went to acquisitions, which appears to have been funded at a time when operating cash flow was deeply negative, raising questions about the return on that capital. Buybacks in 2026Q2 are immaterial relative to the cash burn profile, suggesting capital allocation is not currently being directed toward shareholder returns. Whether the acquired assets generate sufficient incremental cash flow to justify the $93M+ deployed warrants further investigation.