The company exhibits a structural inability to fund operations internally, evidenced by a 2026Q1 free cash flow margin of -193.1% and a total cash balance that has eroded to $13.8 million.
| Cash from Operations | -36.18M | -31.06M | -44.15M | -45.08M | -58.55M | -54.96M | -31M | -21.15M |
| Operating CF Margin % | - | -92.48% | -157.4% | -200.19% | -341.72% | -236.59% | -192.8% | -128.07% |
| Operating CF Growth % | 8.89% | 29.65% | 2.06% | 23% | -6.52% | -77.33% | -46.57% | - |
| Net Income | -50.14M | -47.12M | -46.89M | -52.47M | -60.81M | -73.52M | -37.08M | -21.17M |
| Depreciation & Amortization | 3.11M | 3.25M | 3.36M | 3.1M | 2.84M | 1.53M | 1.51M | 1.46M |
| Stock-Based Compensation | 2.36M | 4.03M | 3.87M | 4.75M | 4.02M | 1.84M | 533K | 473K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -249K |
| Other Non-Cash Items | 5.35M | 2.71M | 271K | -1.02M | 728K | 23.19M | 5.14M | 449K |
| Working Capital Changes | 3.13M | 6.06M | -4.77M | 555K | -5.33M | -8M | -1.1M | -2.11M |
| Change in Receivables | -1.84M | 4.39M | -1.99M | -163K | -364K | -17K | -1.36M | -511K |
| Change in Inventory | 2.68M | 1.47M | -335K | 1.19M | -5.84M | -6.77M | -3.37M | -3.92M |
| Change in Payables | 2.03M | 1.6M | 562K | -3.46M | 1.48M | -524K | 978K | 1.03M |
| Cash from Investing | 12.24M | 14.33M | 36.66M | 42.15M | -93.47M | -13.29M | -15.67M | -1.7M |
| Capital Expenditures | -925K | -850K | -1.36M | -1.84M | -6.74M | -3.22M | -690K | -1.7M |
| CapEx % of Revenue | 2.69% | 2.53% | 4.87% | 8.19% | 39.34% | 13.85% | 4.29% | 10.27% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 20K | 0 | 0 |
| Cash from Financing | 18.76M | 19.77M | 203K | 149K | 693K | 216.75M | 64.23M | 14.87M |
| Debt Issued (Net) | 19.09M | 19.09M | -35K | -37K | -33K | -26.17M | 16.5M | 0 |
| Equity Issued (Net) | 968K | 1.1M | 238K | 0 | 0 | 243.86M | 49.94M | 14.87M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.3M | -419K | 0 | 186K | 726K | -940K | -2.2M | 0 |
| Net Change in Cash | -5.09M | 3.04M | -7.37M | -2.78M | -151.32M | 148.49M | 17.57M | -7.97M |
| Free Cash Flow | -37.1M | -31.91M | -45.52M | -46.93M | -65.29M | -58.18M | -31.69M | -22.84M |
| FCF Margin % | -107.9% | -95.01% | -162.27% | -208.38% | -381.06% | -250.43% | -197.09% | -138.34% |
| FCF Growth % | 4.36% | 29.89% | 3% | 28.12% | -12.21% | -83.62% | -38.72% | - |
| FCF per Share | -0.82 | -0.71 | -1.04 | -1.09 | -1.54 | -1.40 | -0.82 | -0.58 |
| FCF Conversion (FCF/Net Income) | 0.74x | 0.66x | 0.94x | 0.86x | 0.96x | 0.75x | 0.84x | 1.00x |
| Interest Paid | 164K | 0 | 0 | 38K | 42K | 2.59M | 1.98M | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital exhaustion
Based on quarterly financial data, RPID consistently reports negative operating cash flow that mirrors its net losses, with OCF/NI ratios frequently exceeding 1.0, suggesting that the company lacks the non-cash accruals necessary to bridge the gap between accounting losses and actual cash consumption in its operations.
The alignment of net income and operating cash flow at negative levels indicates that the company's losses are not merely accounting artifacts but represent genuine cash outflows. Investors should monitor this lack of divergence, as it confirms that the business model has yet to generate the operational efficiencies required to decouple cash burn from reported net losses.
As reported in recent filings, RPID's free cash flow remains deeply negative, with quarterly outflows consistently ranging between $8.8 million and $16.1 million, highlighting a structural inability to fund its own growth initiatives through internal cash generation despite the company's ongoing efforts to scale its installed base.
The persistent negative FCF margins suggest that every dollar of revenue growth is currently accompanied by a disproportionate increase in cash expenditure. This trajectory appears unsustainable without external financing, as the company continues to consume its limited cash reserves to support its high-touch service and manufacturing requirements.
According to the provided cash flow statements, working capital changes have been highly erratic, swinging from a $6.9 million inflow in 2025Q4 to a $3.2 million outflow in 2026Q1, which suggests significant instability in the company's ability to manage its inventory and accounts receivable cycles effectively.
These fluctuations imply that the company's cash position is highly sensitive to the timing of customer payments and inventory procurement. Such volatility complicates liquidity planning and may indicate that the company is struggling to synchronize its supply chain with the unpredictable nature of its capital equipment sales cycle.
Based on historical cash flow data, RPID has directed its limited capital toward operational survival rather than strategic deployment, with no dividends or share repurchases reported, and a notable $28.4 million acquisition in 2023Q4 that further pressured the company's already thin liquidity position during a period of losses.
The absence of shareholder-friendly capital returns is expected given the company's current cash-burning profile. The prior acquisition warrants further investigation to determine if it has provided the intended operational synergies or if it has merely added to the company's existing burden of high fixed costs.
Quick answers to the most common questions about buying RPID stock.
Rapid Micro Biosystems, Inc. (RPID) generated $-31.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rapid Micro Biosystems, Inc. (RPID) reported negative free cash flow of $31.9M in 2025, indicating capital requirements exceeded cash from operations.
Rapid Micro Biosystems, Inc. (RPID) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.