Liquidity remains under pressure as evidenced by a negative free cash flow margin of -36.0% in 2026Q1 and a consistent OCF/NI ratio often below 1.0, indicating that accounting losses are translating into real cash outflows.
| Cash from Operations | -25.12M | -29.69M | -22.35M | -47.18M | -75.97M | -52.54M | -32.17M | -25M | -14.47M |
| Operating CF Margin % | - | -38.38% | -27.99% | -58.21% | -106.5% | -107.32% | -116.4% | -107.06% | -192.23% |
| Operating CF Growth % | -1444.27% | -32.85% | 52.63% | 37.89% | -44.59% | -63.3% | -28.71% | -72.69% | - |
| Net Income | -37.25M | -38.43M | -51.51M | -55.55M | -86.24M | -62.96M | -34.69M | -25.87M | -14.29M |
| Depreciation & Amortization | 690K | 487K | 712K | 614K | 710K | 632K | 554K | 295K | 63K |
| Stock-Based Compensation | 8.81M | 13.05M | 17.08M | 14.58M | 12.96M | 5.08M | 497K | 118K | 52K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 7.76M | 0 | 0 | 0 |
| Other Non-Cash Items | 3.69M | 1.59M | 2.37M | 2.3M | 2.3M | 1.27M | 684K | 800K | 58K |
| Working Capital Changes | -1.05M | -6.39M | 9M | -9.13M | -5.7M | -4.33M | 784K | -341K | -358K |
| Change in Receivables | -1.14M | 912K | 3.54M | 661K | -6.84M | -3.69M | -1.48M | -2.32M | -1.42M |
| Change in Inventory | -1.2M | -1.44M | 1.63M | -2.16M | -3.25M | -1.31M | -1.72M | -1.8M | -184K |
| Change in Payables | -943K | -348K | 336K | -883K | -694K | 1.17M | 448K | 168K | 1M |
| Cash from Investing | -284K | -224K | -385K | -791K | -970K | -813K | -953K | -672K | -570K |
| Capital Expenditures | -284K | -224K | -385K | -791K | -970K | -813K | -953K | -672K | -570K |
| CapEx % of Revenue | 0.36% | 0.29% | 0.48% | 0.98% | 1.36% | 1.66% | 3.45% | 2.88% | 7.57% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 1.86M | 1.79M | 4.96M | 1.1M | 1.25M | 252.53M | 73.4M | 42.66M | 12.2M |
| Debt Issued (Net) | 0 | 0 | 4.15M | 0 | 0 | 0 | 20.48M | 14M | 0 |
| Equity Issued (Net) | 1.86M | 1.85M | 1.07M | 1.33M | 1.25M | 256.68M | 53.08M | 30.75M | 12.23M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 5K | -58K | -261K | -224K | 0 | -4.15M | -154K | -2.09M | -23K |
| Net Change in Cash | -23.54M | -28.13M | -17.77M | -46.87M | -75.69M | 199.18M | 40.27M | 17M | -2.84M |
| Free Cash Flow | -25.4M | -29.92M | -22.74M | -47.98M | -76.94M | -53.35M | -33.13M | -25.67M | -15.04M |
| FCF Margin % | -31.93% | -38.67% | -28.47% | -59.19% | -107.86% | -108.98% | -119.85% | -109.94% | -199.8% |
| FCF Growth % | -3.94% | -31.59% | 52.61% | 37.64% | -44.2% | -61.06% | -29.05% | -70.61% | - |
| FCF per Share | -0.47 | -0.57 | -0.45 | -0.99 | -1.61 | -1.12 | -0.71 | -0.76 | -0.47 |
| FCF Conversion (FCF/Net Income) | 0.68x | 0.77x | 0.43x | 0.85x | 0.88x | 0.83x | 0.93x | 0.97x | 1.01x |
| Interest Paid | 1.06M | 0 | 0 | 0 | 0 | 0 | 1.29M | 1.15M | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Medicare reimbursement policy volatility
According to quarterly financial data, Sight Sciences consistently reports operating cash flow deficits that track closely with net losses, as evidenced by an OCF/NI ratio that frequently sits below 1.0, suggesting that accounting losses are not merely non-cash adjustments but reflect actual cash outflows from operations.
The persistent inability to generate positive operating cash flow despite high gross margins suggests that the company's operating expense structure is fundamentally misaligned with current revenue levels. Investors should monitor whether the company can bridge this gap through improved sales efficiency or if the cash burn will necessitate further dilutive financing.
As reported in recent financial statements, the company's free cash flow trajectory remains firmly in negative territory, with quarterly FCF margins fluctuating significantly and reaching as low as -66.3% in 2025Q1, highlighting the ongoing challenge of funding commercial expansion through internal cash generation rather than external capital.
The lack of a clear path to positive free cash flow indicates that the business is currently in a capital-intensive growth phase that is highly sensitive to market conditions. The volatility in FCF margins suggests that management's ability to control cash outflows is limited by the high fixed costs required to support the OMNI and TearCare platforms.
Based on the provided cash flow statements, working capital changes have been highly erratic, swinging from a $3.8 million inflow in 2024Q4 to a $3.1 million outflow in 2025Q3, which suggests that the company's cash position is susceptible to timing differences in collections and inventory management.
This volatility in working capital may indicate challenges in managing the sales cycle or potential fluctuations in hospital purchasing patterns. Such instability complicates cash flow forecasting and underscores the importance of maintaining a sufficient liquidity buffer to navigate periods of negative working capital impact.
Analysis of recent filings reveals that stock-based compensation, which averaged over $3 million per quarter, effectively masks the true extent of the company's cash burn by excluding a significant portion of personnel-related expenses from the operating cash flow calculation, warranting further investigation into total compensation costs.
While SBC is a non-cash expense, it represents a real economic cost to shareholders through dilution and should be considered when evaluating the company's true cash-generating capability. The reliance on equity-based incentives to manage cash outflows may become less effective if the share price remains under pressure, potentially forcing a shift toward higher cash-based compensation.
Quick answers to the most common questions about buying SGHT stock.
Sight Sciences, Inc. (SGHT) generated $-29.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sight Sciences, Inc. (SGHT) reported negative free cash flow of $29.9M in 2025, indicating capital requirements exceeded cash from operations.
Sight Sciences, Inc. (SGHT) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.