RxSight, Inc. (RXST) Cash Flow Statement

The 2026Q3 operating cash flow of $45.2M against a net loss of -$16.2M produces an OCF/NI ratio of -2.79, which is not economically meaningful for a loss-making period and instead points to a large working capital inflow of $52.9M. Over the prior quarters, operating cash flow was negative in most periods, so the single strong quarter appears to be an outlier rather than a durable shift. Investors should monitor whether the 2026Q3 inflow reverses in subsequent periods, as the underlying conversion relationship across the series remains weak.

The 2026Q3 FCF of $44.0M reflects a working capital release rather than sustained profitability, since net income remained deeply negative. Across the remaining nine quarters, FCF was negative in most periods, with margins ranging from roughly -68.6% to -0.8%. The trajectory therefore suggests the business has not yet demonstrated self-funding capacity on a recurring basis.

The magnitude of quarterly working capital movements is large relative to the company's revenue base, which points to volatility in collections, inventory, or payables timing. A single quarter inflow of this size warrants further investigation to determine whether it reflects collections of receivables, inventory reduction, or payables stretching. Without clearer disclosure, the cash benefit may not be repeatable.

Low capital intensity indicates that the cash burn is driven by operating losses and stock-based compensation rather than physical asset investment. D&A of roughly $0.5M to $1.1M per quarter sits well below CapEx in most periods, suggesting limited maintenance requirements at current scale. This profile is consistent with a company whose cash challenges are operational rather than infrastructure-driven.