Free cash flow remains deeply negative at -37.7% of revenue, exacerbated by a cash position that has dropped to $17.6 million as of 2026Q1.
| Cash from Operations | -17.57M | -15.51M | -16.95M | -41.59M | -58.85M | -44.71M | -35.2M | -40.62M |
| Operating CF Margin % | - | -11.53% | -12.11% | -46.69% | -120.09% | -197.88% | -239.84% | -1812.54% |
| Operating CF Growth % | -218.66% | 8.47% | 59.26% | 29.32% | -31.63% | -27% | 13.33% | - |
| Net Income | -46.64M | 0 | -27.45M | -48.61M | -66.76M | -48.69M | 27.57M | 126.22M |
| Depreciation & Amortization | 3.31M | 0 | 3.62M | 4.24M | 4.02M | 3.99M | 4.01M | 3.93M |
| Stock-Based Compensation | 24.47M | 0 | 24.64M | 15.75M | 11.4M | 7.58M | 4.18M | 4.6M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -5.4M | -63.21M | 0 |
| Other Non-Cash Items | 1.96M | -10.62M | -8.54M | -3.9M | -101K | 493K | 85K | -171.4M |
| Working Capital Changes | -676K | -4.89M | -9.21M | -9.07M | -7.41M | -2.68M | -7.85M | -3.97M |
| Change in Receivables | 8.52M | 6.66M | -9.8M | -9.32M | -6.09M | -2M | -2.08M | -789K |
| Change in Inventory | -13.26M | -11.48M | -4.99M | -2.75M | -7.55M | -2.11M | -1.31M | -5.47M |
| Change in Payables | -22K | 627K | 946K | 1.25M | 635K | 555K | -954K | 1.13M |
| Cash from Investing | 4.88M | 16.89M | -99.31M | -22.13M | 39.95M | -81.91M | 15.59M | -5.87M |
| Capital Expenditures | -4.01M | -3.83M | -5.44M | -4.81M | -2.39M | -1.94M | -2.54M | -4.09M |
| CapEx % of Revenue | 3.15% | 2.85% | 3.89% | 5.4% | 4.88% | 8.59% | 17.3% | 182.33% |
| Acquisitions | 0 | 0 | 0 | 17.32M | -42.34M | 79.97M | 3K | 603K |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -17.32M | 42.34M | -79.97M | 0 | 0 |
| Cash from Financing | 2.26M | 1.86M | 123.32M | 61.52M | 6.33M | 137.34M | 25.24M | 1.33M |
| Debt Issued (Net) | -20K | -26K | -61K | -40.15M | -121K | 14.97M | 24.86M | -185K |
| Equity Issued (Net) | 3.4M | 3.95M | 128.92M | 105.96M | 7.83M | 121.14M | 1.01M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.12M | -2.06M | -5.54M | -4.28M | -1.38M | 1.23M | -636K | 1.51M |
| Net Change in Cash | -10.43M | 3.24M | 7.05M | -2.19M | -12.58M | 10.72M | 5.63M | -45.15M |
| Free Cash Flow | -21.58M | -19.34M | -22.39M | -46.41M | -61.24M | -46.65M | -37.74M | -44.7M |
| FCF Margin % | -16.93% | -14.38% | -16% | -52.1% | -124.97% | -206.47% | -257.13% | -1994.87% |
| FCF Growth % | -5.2% | 13.6% | 51.76% | 24.22% | -31.29% | -23.6% | 15.58% | - |
| FCF per Share | -0.52 | -0.47 | -0.58 | -1.35 | -2.21 | -1.70 | -1.98 | -2.34 |
| FCF Conversion (FCF/Net Income) | 0.46x | 0.40x | 0.62x | 0.86x | 0.88x | 0.92x | -1.28x | -0.32x |
| Interest Paid | 0 | 0 | 21K | 3.48M | 4.26M | 3.19M | 425K | 26K |
| Taxes Paid | 55K | 58K | 24K | 8K | 3K | 20K | 61K | 19K |
Persistent operating cash burn
As reported in quarterly filings, RxSight exhibits a persistent disconnect between net losses and operating cash flow, with the OCF/NI ratio fluctuating wildly from 0.12 to 1.08, suggesting that accounting accruals and non-cash charges significantly obscure the underlying cash-generating capability of the core business model.
The volatility in the OCF/NI ratio indicates that cash flow is highly sensitive to timing differences in working capital rather than consistent operational profitability. Investors should monitor whether this divergence narrows as the company attempts to scale, as current figures suggest that net income remains a poor proxy for the actual cash burn experienced by the firm.
Based on recent financial statements, RxSight's free cash flow trajectory remains deeply negative, with margins hitting -37.7% in 2026Q1, reflecting a business model that continues to consume significant capital to support its commercial infrastructure despite the high-margin nature of its proprietary lens consumables.
The inability to reach positive free cash flow suggests that the company's current scale is insufficient to absorb the heavy fixed costs associated with its direct sales force and R&D initiatives. This trend warrants further investigation into whether the company can achieve self-sustaining cash flow before its current liquidity buffer is exhausted.
According to historical data, working capital changes have been a significant drag on cash flow, with a notable $6.2 million outflow in 2025Q1, indicating that the company's cash conversion cycle is currently inefficient and prone to large, unpredictable swings that exacerbate the overall cash burn.
These fluctuations may imply challenges in managing inventory levels or collecting receivables as the company expands its installed base of Light Delivery Devices. Analysts should scrutinize whether these outflows are temporary timing issues or structural inefficiencies inherent in the company's distribution and sales model.
Data from recent SEC filings reveals that stock-based compensation has consistently ranged between $4.4 million and $8.5 million per quarter, effectively masking the true economic cost of operations and providing a misleading picture of the company's actual cash-based operating expenses and long-term sustainability.
By adding back significant non-cash compensation, the company presents a more favorable cash flow picture than the underlying operational reality supports. Investors should adjust for these expenses to understand the true magnitude of the capital required to maintain the current growth trajectory.
Quick answers to the most common questions about buying RXST stock.
RxSight, Inc. (RXST) generated $-15.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
RxSight, Inc. (RXST) reported negative free cash flow of $19.3M in 2025, indicating capital requirements exceeded cash from operations.
RxSight, Inc. (RXST) spent $3.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.