Free cash flow remains deeply negative at -$32.1M for 2026Q1, reflecting a high cash burn rate that is only marginally offset by $2.3M in stock-based compensation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | -75.07M | -59.13M | -60.47M | -70.16M | -66.31M | -56.08M | -67.42M | -136.05M | -90.77M | -55.74M | -38.02M | -25.46M | -19.27M | -17.17M |
| Operating CF Margin % | - | -167.71% | -269.07% | -313.37% | -404.61% | -410.08% | -1362.34% | -638.69% | -479.94% | -874.61% | -11450.6% | -67013.16% | - | -100982.35% |
| Operating CF Growth % | -115.2% | 2.21% | 13.82% | -5.81% | -18.25% | 16.83% | 50.44% | -49.88% | -62.85% | -46.62% | -49.29% | -32.15% | -12.25% | - |
| Net Income | -87.19M | -69.11M | -78.62M | -60.39M | 142.12M | -302.47M | -175.17M | -115.55M | -93.97M | -59.1M | -43.93M | -29.88M | -18.89M | -18.78M |
| Depreciation & Amortization | 1.48M | 91K | 1.48M | 1.28M | 985K | 1.24M | 1.14M | 1M | 270K | 227K | 155K | 118K | 189K | 220K |
| Stock-Based Compensation | 10.59M | 10.15M | 9.22M | 8.67M | 8.62M | 9.03M | 7.31M | 8.05M | 6.41M | 3.99M | 2.42M | 1.43M | 539K | 450K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 229.17M | 61.82M | 0 | -123K | 98K | 430K | -46K | -8K | 0 |
| Other Non-Cash Items | 1.26M | 3.02M | 6.59M | -15.76M | -215.56M | 8.46M | 23.68M | -20.07M | 3.32M | 453K | 252K | 77K | 67K | 1.01M |
| Working Capital Changes | -1.22M | -3.28M | 865K | -3.97M | -2.47M | -1.5M | 13.79M | -9.48M | -6.68M | -1.41M | 2.66M | 2.83M | -1.17M | -68K |
| Change in Receivables | -11.43M | -6.76M | -2.7M | -2.19M | -478K | 1.01M | 7.39M | -3.28M | -3.71M | -3.13M | -250K | 0 | 0 | 0 |
| Change in Inventory | -4.08M | -2.98M | 696K | -1.64M | -989K | -1.04M | 15.82M | -6.7M | -7.44M | -2.74M | -477K | 0 | 0 | 0 |
| Change in Payables | 1.2M | 1.22M | -1.83M | 2.3M | -785K | -559K | -2.52M | -122K | -3.4M | 4.64M | 1.82M | 3.23M | -674K | 0 |
| Cash from Investing | -10.1M | -53.42M | 32.84M | 89.71M | 26.88M | -148.75M | -181K | -1.04M | 19.43M | -13.23M | -7.77M | -202K | -29K | -118K |
| Capital Expenditures | -793K | -1.12M | -2.24M | -350K | -312K | -210K | -181K | -1.04M | -989K | -345K | -479K | -202K | -29K | -118K |
| CapEx % of Revenue | 1.95% | 3.17% | 9.96% | 1.56% | 1.9% | 1.54% | 3.66% | 4.91% | 5.23% | 5.41% | 144.28% | 531.58% | - | 694.12% |
| Acquisitions | 0 | 0 | 0 | 0 | -27.19M | 210K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.11M | 0 | 0 | 0 | 27.19M | -210K | 0 | 0 | 20.41M | -12.88M | -7.29M | 0 | 0 | 0 |
| Cash from Financing | 75.48M | 78.19M | 26.83M | 20.37M | 41.76M | 220.08M | -10.13M | 96.24M | 191.99M | 72.07M | 54.89M | 10.68M | 29.98M | 204K |
| Debt Issued (Net) | 0 | -20.4M | 9.95M | 1.25M | -2.93M | -2.84M | -10.08M | 72.95M | 42.93M | 4.92M | 10M | 0 | 9.88M | -2K |
| Equity Issued (Net) | 77.69M | 100.73M | 18.36M | 7.38M | 46.17M | 223.15M | 550K | 26.76M | 149.04M | 67.56M | 46.18M | 10.62M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -26K | 0 | 0 | 0 | 0 | -12K | 0 | 0 |
| Other Financing | -2.22M | -2.15M | -1.48M | 11.74M | -1.49M | -227K | -601K | -3.47M | 14K | -408K | -1.29M | 62K | 20.1M | 206K |
| Net Change in Cash | -9.7M | -34.36M | -797K | 39.92M | 2.33M | 15.26M | -77.73M | -40.85M | 120.64M | 3.1M | 9.11M | -14.98M | 10.68M | -17.08M |
| Free Cash Flow | -75.87M | -60.24M | -62.7M | -70.51M | -66.62M | -56.29M | -67.6M | -137.09M | -91.76M | -56.08M | -38.49M | -25.67M | -19.3M | -17.29M |
| FCF Margin % | -186.36% | -170.87% | -279.03% | -314.93% | -406.52% | -411.61% | -1365.99% | -643.59% | -485.17% | -880.03% | -11594.88% | -67544.74% | - | -101676.47% |
| FCF Growth % | -29.38% | 3.92% | 11.07% | -5.84% | -18.36% | 16.74% | 50.69% | -49.4% | -63.61% | -45.69% | -49.98% | -33% | -11.65% | - |
| FCF per Share | -1.66 | -1.44 | -1.99 | -2.48 | -2.16 | -2.67 | -5.93 | -14.53 | -11.66 | -9.67 | -8.63 | -5.61 | -4.22 | -4.54 |
| FCF Conversion (FCF/Net Income) | 0.87x | 0.86x | 0.77x | 1.16x | -0.47x | 0.19x | 0.38x | 1.18x | 0.97x | 0.94x | 0.87x | 0.85x | 1.02x | 0.91x |
| Interest Paid | 1.77M | 0 | 4.51M | 0 | 0 | 0 | 0 | 5.23M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High cash burn rate
According to the provided cash flow data, Senseonics consistently reports operating cash outflows that closely mirror net losses, with the 2026Q1 operating cash flow of -$32.0M nearly matching the net loss of -$32.3M, indicating a lack of non-cash adjustments to bridge the profitability divide.
The tight correlation between net income and operating cash flow suggests that the company's losses are primarily driven by cash-based operating expenses rather than non-cash accounting charges. Investors should monitor this relationship, as it implies that any improvement in the bottom line must come from fundamental operational efficiency rather than accounting maneuvers.
As reported in financial statements, the company's free cash flow trajectory remains firmly in negative territory, with a 2026Q1 outflow of -$32.1M, underscoring the significant capital requirements needed to sustain the current commercialization roadmap for the Eversense CGM system.
The persistent negative free cash flow trajectory highlights the company's reliance on external financing to fund its ongoing operations. Without a clear path to positive cash generation, the firm remains vulnerable to capital market conditions and potential future dilution for existing shareholders.
Based on reported figures, Senseonics maintains a low capital intensity, with 2026Q1 capital expenditures of only $111.0K, representing a negligible 0.9% of revenue, which suggests that the company's primary cash drain is operational rather than related to heavy investment in physical manufacturing infrastructure.
The low level of capital expenditure indicates that the company is not currently investing heavily in its own production facilities, likely due to the outsourced commercialization model. While this preserves cash in the short term, it may limit the company's ability to capture higher margins that would come from vertical integration.
As indicated by the quarterly data, working capital changes have been inconsistent, with a significant outflow of $2.7M in 2026Q1, suggesting that the company is struggling to manage its cash conversion cycle effectively as it scales its commercial operations.
The erratic nature of working capital movements may reflect the complexities of managing inventory and receivables through third-party distribution partners like Ascensia. Investors should monitor these fluctuations, as they directly impact the company's already limited cash runway and liquidity position.
Based on the provided financial tables, stock-based compensation consistently adds back $1.8M to $2.9M per quarter, which serves to artificially inflate the reported operating cash flow figures while failing to mitigate the underlying cash burn of the business.
The reliance on stock-based compensation as a significant component of the company's expense structure warrants further investigation, as it represents a non-cash cost that nonetheless dilutes equity holders. This practice obscures the true cash cost of talent acquisition and retention in a highly competitive medical device market.
Quick answers to the most common questions about buying SENS stock.
Senseonics Holdings, Inc. (SENS) generated $-59.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Senseonics Holdings, Inc. (SENS) reported negative free cash flow of $60.2M in 2025, indicating capital requirements exceeded cash from operations.
Senseonics Holdings, Inc. (SENS) spent $1.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.