Free cash flow remains deeply negative, highlighted by a $41.9M outflow in 2025Q3, which underscores a structural inability to fund operations through internal cash generation.
| Cash from Operations | -81.45M | -77.24M | -35.16M | -18.9M | -48.27M | -47.91M | -23.36M | -26.19M | -28.72M | -22.11M | -17.74M | -12.52M |
| Operating CF Margin % | - | -55.7% | -25.96% | -15.6% | -45.75% | -43.33% | -27.05% | -46.16% | -76.32% | -96.64% | -100.89% | -102.77% |
| Operating CF Growth % | -944.59% | -119.65% | -86.03% | 60.84% | -0.76% | -105.04% | 10.78% | 8.82% | -29.92% | -24.6% | -41.74% | - |
| Net Income | -104.19M | -107.15M | -38.53M | -32.33M | -96.7M | -57.69M | -31.53M | -40.8M | -31.54M | -27.02M | -23.17M | -15.94M |
| Depreciation & Amortization | 22.58M | 18.93M | 8.36M | 8.38M | 5.35M | 4.85M | 4.31M | 3.01M | 1.35M | 482K | 444K | 425K |
| Stock-Based Compensation | 9.79M | 20.72M | 19.99M | 16.76M | 15.44M | 15.97M | 10.1M | 6.39M | 4.88M | 2.17M | 928K | 1.1M |
| Deferred Taxes | -19.84M | -5.87M | 0 | 0 | -226K | 801K | 416K | 140K | -14K | 90K | 318K | 598K |
| Other Non-Cash Items | 27.95M | -1.51M | -6.19M | 92K | 25.79M | 340K | 808K | 700K | 170K | 238K | 2.47M | 306K |
| Working Capital Changes | -17.74M | -2.35M | -18.79M | -11.8M | 2.07M | -12.19M | -7.47M | 4.37M | -3.58M | 1.94M | 1.27M | 993K |
| Change in Receivables | 9M | 10.61M | -7.7M | -6.7M | 5.16M | -6.85M | -6.24M | -3.37M | -983K | -1.68M | -1.66M | -1.47M |
| Change in Inventory | 5.17M | 4.03M | -6.68M | -5.36M | 5.39M | -8.09M | -5.12M | -3.45M | -1.6M | -2.04M | -526K | -254K |
| Change in Payables | -5.77M | -528K | 723K | 1.19M | -5.36M | 2.41M | 649K | 621K | 1.32M | 1M | 1.13M | 542K |
| Cash from Investing | 42.73M | 50.23M | -82.27M | -148.4M | -11.21M | -6.34M | -626K | -25.38M | -5.45M | -1.13M | -826K | -554K |
| Capital Expenditures | -1.44M | -2.61M | -3.37M | -3.79M | -11.73M | -13.62M | -3.93M | -10.85M | -1.52M | -1.13M | -526K | -597K |
| CapEx % of Revenue | 1% | 1.88% | 2.49% | 3.13% | 11.11% | 12.32% | 4.55% | 19.12% | 4.03% | 4.95% | 2.99% | 4.9% |
| Acquisitions | -84.23M | -93.23M | 0 | 0 | 0 | 0 | 0 | -14.53M | -3.8M | 0 | -300K | 43K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 520K | 7.28M | 3.3M | 0 | 15K | 0 | 0 | 43K |
| Cash from Financing | -1.57M | -708K | 456K | 2.69M | 2.31M | 270.8M | 96.24M | 116.2M | -78K | 73.25M | 45.92M | 11.7M |
| Debt Issued (Net) | -83K | 0 | 0 | 0 | 0 | -7.74M | -75K | -50K | -1.93M | -980K | 257K | 4.66M |
| Equity Issued (Net) | -19K | 738K | 3.07M | 2.89M | 2.31M | 269.72M | 91.4M | 112.55M | -20K | 74M | 45.43M | 7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -429K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20K | 0 | 0 | 0 |
| Other Financing | -1.47M | -1.45M | -2.61M | -198K | 0 | 8.81M | 4.91M | 3.7M | 1.87M | 231K | 231K | 43K |
| Net Change in Cash | -40.32M | -26.14M | -117.71M | -164.31M | -57.7M | 216.46M | 72.4M | 64.75M | -34.25M | 50.01M | 27.35M | -1.37M |
| Free Cash Flow | -82.9M | -79.85M | -38.53M | -22.69M | -60M | -61.52M | -27.3M | -37.03M | -30.24M | -23.24M | -18.27M | -13.11M |
| FCF Margin % | -57.22% | -57.59% | -28.45% | -18.73% | -56.86% | -55.65% | -31.6% | -65.28% | -80.35% | -101.59% | -103.88% | -107.67% |
| FCF Growth % | -151.16% | -107.23% | -69.82% | 62.18% | 2.48% | -125.4% | 26.3% | -22.47% | -30.13% | -27.21% | -39.3% | - |
| FCF per Share | -1.76 | -1.87 | -1.00 | -0.60 | -1.62 | -1.71 | -0.92 | -1.48 | -1.35 | -1.07 | -1.13 | -6.41 |
| FCF Conversion (FCF/Net Income) | 0.80x | 0.72x | 0.91x | 0.67x | 0.48x | 0.86x | 0.74x | 0.64x | 0.93x | 0.82x | 0.77x | 0.79x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 385K | 0 | 875K | 808K | 684K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and cash burn
According to the provided financial data, Quanterix exhibits a volatile relationship between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly from 0.19 in 2025Q2 to 1.81 in 2024Q1, suggesting that accruals and non-cash adjustments significantly distort the company's underlying cash generation capabilities.
The frequent divergence between net losses and operating cash flow suggests that the company's reported earnings are heavily influenced by non-cash items, such as stock-based compensation and depreciation. Investors should monitor whether this volatility indicates an inability to stabilize working capital or if it reflects the lumpiness of the Accelerator service revenue model.
As reported in quarterly filings, QTRX's free cash flow remains consistently negative, reaching a low of -$41.9M in 2025Q3, which highlights a structural inability to fund operations through internal cash generation despite the company's ongoing efforts to pivot toward clinical diagnostic applications and recurring consumable revenue.
The persistent negative FCF margins, which reached -104.4% in 2025Q3, imply that the company is currently reliant on external financing to sustain its R&D and commercialization efforts. This trajectory warrants further investigation into whether the company can achieve a break-even point before its liquidity runway is exhausted.
Based on the reported figures, working capital changes have been a significant drag on cash, notably a -$16.0M outflow in 2026Q1, which suggests that the company is struggling to manage its cash conversion cycle effectively amidst its transition from research-only to clinical diagnostic market segments.
The erratic nature of working capital swings, including a positive $15.5M shift in 2025Q2 followed by significant outflows, may indicate challenges in inventory management or delayed collections from pharmaceutical partners. Such instability complicates the company's ability to forecast its cash needs accurately in the near term.
As evidenced by the cash flow statements, QTRX has engaged in net acquisitions, such as the -$84.3M outflow in 2025Q3, which appears aggressive given the company's limited cash and equivalents of $29.8M, potentially signaling a high-risk strategy to acquire capabilities rather than developing them internally.
The decision to deploy significant capital for acquisitions while operating at a deep cash burn suggests a management focus on inorganic growth that may be at odds with the company's current liquidity constraints. Investors should monitor whether these investments provide the expected strategic value or further strain the balance sheet.
Based on the provided financial statements, the reported cash and equivalents of $29.8M appear insufficient to cover the historical quarterly burn rates, suggesting that the company may be facing an imminent liquidity crunch that is not fully captured by standard operating cash flow metrics alone.
The reliance on stock-based compensation to manage cash expenses may be masking the true economic cost of talent retention, which could lead to further dilution for shareholders. The discrepancy between the reported cash balance and the company's operational needs warrants immediate investigation into potential off-balance-sheet financing or urgent capital requirements.
Quick answers to the most common questions about buying QTRX stock.
Quanterix Corporation (QTRX) generated $-77.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Quanterix Corporation (QTRX) reported negative free cash flow of $79.8M in 2025, indicating capital requirements exceeded cash from operations.
Quanterix Corporation (QTRX) spent $2.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.