The cash conversion cycle remains highly volatile, with free cash flow deficits deepening to -36.0% of revenue in 2026Q1, indicating that the operational cash drain is expanding despite revenue growth.
Sight Sciences, Inc. (SGHT) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | -23.24M | -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 % | -1441.63% | -32.85% | 52.63% | 37.89% | -44.59% | -63.3% | -28.71% | -72.69% | - |
| Net Income | -29.76M | -38.43M | -51.51M | -55.55M | -86.24M | -62.96M | -34.69M | -25.87M | -14.29M |
| Depreciation & Amortization | 410K | 487K | 712K | 614K | 710K | 632K | 554K | 295K | 63K |
| Stock-Based Compensation | 10.79M | 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 | 1.42M | 1.59M | 2.37M | 2.3M | 2.3M | 1.27M | 684K | 800K | 58K |
| Working Capital Changes | -6.09M | -6.39M | 9M | -9.13M | -5.7M | -4.33M | 784K | -341K | -358K |
| Change in Receivables | -1.75M | 912K | 3.54M | 661K | -6.84M | -3.69M | -1.48M | -2.32M | -1.42M |
| Change in Inventory | 532K | -1.44M | 1.63M | -2.16M | -3.25M | -1.31M | -1.72M | -1.8M | -184K |
| Change in Payables | -178K | -348K | 336K | -883K | -694K | 1.17M | 448K | 168K | 1M |
| Cash from Investing | -93K | -224K | -385K | -791K | -970K | -813K | -953K | -672K | -570K |
| Capital Expenditures | -93K | -224K | -385K | -791K | -970K | -813K | -953K | -672K | -570K |
| CapEx % of Revenue | 0.11% | 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 | 1.85M | 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) | 1.87M | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -17K | -58K | -261K | -224K | 1.25M | -4.15M | -154K | -2.09M | -23K |
| Net Change in Cash | -21.48M | -28.13M | -17.77M | -46.87M | -75.69M | 199.18M | 40.27M | 17M | -2.84M |
| Free Cash Flow | -23.33M | -29.92M | -22.74M | -47.98M | -76.94M | -53.35M | -33.13M | -25.67M | -15.04M |
| FCF Margin % | -27.98% | -38.67% | -28.47% | -59.19% | -107.86% | -108.98% | -119.85% | -109.94% | -199.8% |
| FCF Growth % | -4.13% | -31.59% | 52.61% | 37.64% | -44.2% | -61.06% | -29.05% | -70.61% | - |
| FCF per Share | -0.43 | -0.57 | -0.45 | -0.99 | -1.61 | -1.12 | -0.71 | -0.76 | -0.47 |
| FCF Conversion (FCF/Net Income) | 0.78x | 0.77x | 0.43x | 0.85x | 0.88x | 0.83x | 0.93x | 0.97x | 1.01x |
| Interest Paid | 23K | 0 | 0 | 0 | 0 | 0 | 1.29M | 1.15M | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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.
Key Metrics
Top Statement Risk
Persistent cash burn despite revenue growth
Metrics are mathematically derived from official filings.
Non-Cash Items Mask Severe Operational Cash Drain
Operating cash flow consistently trails net income, with the OCF/NI ratio averaging 0.62 over the last ten quarters, indicating that non-cash charges like stock-based compensation significantly inflate reported losses relative to actual cash consumption.
The persistent gap where operating cash outflows are smaller than net losses is almost entirely explained by substantial stock-based compensation (SBC), which averaged $3.4M per quarter. This non-cash add-back creates a misleading impression of cash flow quality; the underlying cash generation from core operations remains deeply negative, with the company consuming cash to fund its loss-making activities.
Free Cash Flow Deficit Deepens Despite Revenue Inflection
The free cash flow margin has deteriorated sharply, reaching -36.0% in 2026Q1 and -24.3% in 2026Q2, as the cash burn rate has expanded even while the company reports accelerating revenue growth.
The worsening FCF margin trend suggests the current revenue acceleration is not translating into improved cash generation. Instead, the company appears to be investing heavily or experiencing working capital headwinds that are consuming more cash per dollar of revenue than in prior periods, raising questions about the cash efficiency of its growth strategy.
Volatile Working Capital Swings Amplify Cash Burn
Working capital changes have been highly erratic, swinging from a $2.8M source of cash in 2026Q1 to a $4.7M use of cash in 2026Q2, indicating unpredictable cash conversion cycles that exacerbate the underlying operating losses.
These large, quarter-to-quarter swings in working capital suggest challenges in managing the cash conversion cycle, possibly related to inventory build-up or collection timing as the company scales. The volatility adds significant noise to cash flow, making the underlying trend of cash consumption appear even more severe in quarters like 2026Q2.
Capital Deployment Focuses on Internal Investment
With no dividends and minimal buybacks over the period, Sight Sciences' capital deployment is overwhelmingly directed toward internal investment, as evidenced by the small but persistent capital expenditures relative to its large operating losses.
The absence of shareholder returns and minimal acquisition activity indicates that all available capital, including external financing, is being funneled back into the business. The very low CapEx/Rev ratio (0.1% in 2026Q2) suggests the company is not capital-intensive, but its cash needs are driven by funding operating losses and working capital, not fixed asset investment.
Cash Burn Reliance on External Financing
The consistent and large negative free cash flow, averaging approximately -$8 million per quarter, indicates a critical reliance on external financing to fund operations, a dependency not fully reflected in the income statement's net loss figure.
Based on the reported figures, the cumulative FCF deficit over the last four quarters exceeds $23 million. This sustained burn rate implies the company's survival depends on continued access to capital markets or cash reserves, a key risk factor that the income statement, focused on accrual accounting, does not directly quantify.