Operating cash flow was -$30.1M in Q2 2026 with minimal capex at 1.5% of revenue, but the free cash flow margin of -2.1% and SBC of $3.6M highlight poor cash conversion and ongoing burn.
Senseonics Holdings, Inc. (SENS) cash flow statement — 13-year operating, investing & financing cash flows
| 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 | -95.94M | -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 % | -357.25% | 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 | -109.39M | -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 | 1.85M | 1.51M | 1.48M | 1.28M | 985K | 1.24M | 1.14M | 1M | 270K | 227K | 155K | 118K | 189K | 220K |
| Stock-Based Compensation | 11.27M | 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 | 6.83M | 1.6M | 6.59M | -15.76M | -215.56M | 8.46M | 23.68M | -20.07M | 3.32M | 453K | 252K | 77K | 67K | 1.01M |
| Working Capital Changes | -6.5M | -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 | -6.6M | -6.76M | -2.7M | -2.19M | -478K | 1.01M | 7.39M | -3.28M | -3.71M | -3.13M | -250K | 0 | 0 | 0 |
| Change in Inventory | -3.85M | -2.98M | 696K | -1.64M | -989K | -1.04M | 15.82M | -6.7M | -7.44M | -2.74M | -477K | 0 | 0 | 0 |
| Change in Payables | 2.43M | 1.22M | -1.83M | 2.3M | -785K | -559K | -2.52M | -122K | -3.4M | 4.64M | 1.82M | 3.23M | -674K | 0 |
| Cash from Investing | -3.85M | -53.42M | 32.84M | 89.71M | 26.88M | -148.75M | -181K | -1.04M | 19.43M | -13.23M | -7.77M | -202K | -29K | -118K |
| Capital Expenditures | -886K | -1.12M | -2.24M | -350K | -312K | -210K | -181K | -1.04M | -989K | -345K | -479K | -202K | -29K | -118K |
| CapEx % of Revenue | 1.83% | 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 | -174K | 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 113.03M | 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) | 19.8M | -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) | 98.9M | 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 | -5.68M | -2.15M | -1.48M | 11.74M | -1.49M | -227K | -601K | -3.47M | 14K | -408K | -1.29M | 62K | 20.1M | 206K |
| Net Change in Cash | 13.23M | -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 | -96.83M | -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 % | -199.47% | -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 % | -76.71% | 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 | -1.67 | -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) | 0.89x | 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 | 20K | 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 |
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.
Key Metrics
Top Statement Risk
Persistent cash burn without profitability
Metrics are mathematically derived from official filings.
Negative Cash Conversion Amid Worsening Losses
According to Q2 2026 financial statements, Senseonics' operating cash flow was -$30.1M, representing 0.82 times the net loss of $36.7M, suggesting that while accruals slightly mitigate cash losses, both metrics remain deeply negative and indicate poor earnings quality.
The OCF/NI ratio consistently below 1.0 implies that net income is more negative than operating cash flow, highlighting the role of non-cash expenses like depreciation and stock-based compensation in widening the gap. However, since both figures are deeply negative, the cash conversion provides little comfort, and investors should monitor if this ratio improves as revenue scales to assess true operational cash generation.
FCF Deteriorates Despite Revenue Surge
Based on the reported figures, Senseonics' free cash flow margin stood at -2.1% in Q2 2026, an improvement from -128.8% in Q4 2025 but still negative, indicating that rapid revenue growth has not yet translated into positive cash flow as operating losses persist.
The FCF trajectory shows a volatile but persistently negative trend, with losses widening in absolute terms from -$14.3M in Q4 2024 to -$30.4M in Q2 2026 despite revenue acceleration. This suggests that the company's cost structure is scaling with growth, and achieving positive FCF will require substantial margin expansion or cost containment beyond current levels.
Minimal Capital Intensity Raises Scalability Questions
As reported in recent SEC filings, Senseonics' capital expenditure was only 1.5% of revenue in Q2 2026, reflecting a low-capital-intensive model that may support scalability but warrants investigation into long-term asset maintenance and upgrade needs.
The consistently low CapEx-to-revenue ratio, below 7% across all quarters, implies that the company is not heavily investing in physical assets, possibly relying on existing facilities or outsourcing. This could aid in preserving cash in the short term, but if future growth demands significant infrastructure investments, it may pressure cash flow further.
Volatile Working Capital Management Drains Cash
In Q2 2026, Senseonics experienced a working capital outflow of $3.5M per its cash flow statement, contributing to negative operating cash flow and signaling potential inefficiencies in managing receivables, inventory, or payables amid rapid growth.
Working capital changes have been erratic, with swings from a $5.0M inflow in Q2 2024 to a -$4.8M outflow in Q1 2025, indicating challenges in stabilizing the cash conversion cycle. This volatility may reflect difficulties in aligning inventory build-up and collections with revenue growth, and if unresolved, could exacerbate cash burn.
SBC Adjustments Obscure True Cash Burn
Stock-based compensation of $3.6M in Q2 2026, as per the financial data, adds back to operating cash flow, potentially masking the true economic cost and overstating cash generation capabilities for investors.
SBC represents a significant non-cash charge, approximately 25% of revenue in Q2 2026, which inflates operating cash flow relative to net income. This adjustment obscures the operational cash burn, and when excluded, the underlying cash deficit appears more severe, suggesting that the company's reliance on equity compensation may delay the path to sustainable cash flow.