Free cash flow remains deeply negative with quarterly outflows frequently exceeding $1.5 million, reflecting a structural inability to generate self-sustaining cash from operations.
| Cash from Operations | -11.12M | -7M | -5.72M | -8.51M | -8.92M | -5.61M | -3.03M | -3.67M |
| Operating CF Margin % | - | -1832.2% | -733.97% | -723.72% | -484.73% | -481.3% | -351.98% | -873.81% |
| Operating CF Growth % | -615.03% | -22.25% | 32.73% | 4.57% | -58.93% | -85.4% | 17.52% | - |
| Net Income | -13.58M | -7.99M | -5.66M | -8.24M | -10.1M | -8.49M | -3.64M | -4.15M |
| Depreciation & Amortization | 185K | 5K | 352K | 182K | 174K | 24K | 8K | 4K |
| Stock-Based Compensation | 672K | 564K | 229K | 271K | 398K | 57K | 78K | 10K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 661K | -27K | 354K | 32K | 398K | 3.2M | 482K | 532K |
| Working Capital Changes | 114K | 452K | -1M | -752K | 605K | -403K | 44K | -68K |
| Change in Receivables | -6K | 0 | 105K | -67K | 1K | -66K | -75K | -26K |
| Change in Inventory | -678K | 0 | 83K | 75K | -434K | -181K | 227K | -476K |
| Change in Payables | 191K | 139K | -588K | -610K | 534K | 419K | 1K | 348K |
| Cash from Investing | -186K | -705K | 0 | -118K | -11K | 0 | 0 | -31K |
| Capital Expenditures | -62K | -38K | 0 | -118K | -11K | 0 | 0 | -31K |
| CapEx % of Revenue | -88.57% | 9.95% | - | 10.03% | 0.6% | - | - | 7.38% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -124K | -543K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 18.22M | 18.35M | 4.33M | 8.51M | -528K | 17.54M | 1.76M | 5.55M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 2.59M | 1.75M | 1.71M |
| Equity Issued (Net) | 18.46M | 18.66M | 4.38M | 8.51M | -528K | 14.89M | 10K | 3.84M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -240K | -308K | -49K | 0 | 0 | 62K | 3K | 0 |
| Net Change in Cash | 6.91M | 10.64M | -1.39M | -122K | -9.46M | 11.93M | -1.27M | 1.85M |
| Free Cash Flow | -11.18M | -7.58M | -5.72M | -8.63M | -8.93M | -5.61M | -3.03M | -3.7M |
| FCF Margin % | 15975.71% | -1984.29% | -733.97% | -733.76% | -485.33% | -481.3% | -351.98% | -881.19% |
| FCF Growth % | -126.01% | -32.4% | 33.65% | 3.37% | -59.12% | -85.4% | 18.21% | - |
| FCF per Share | -3.88 | -26.38 | -0.02 | -184.97 | -92.32 | -160.65 | -131.43 | -160.91 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.79x | 1.01x | 1.03x | 0.88x | 0.66x | 0.83x | 0.88x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 1K | 1K | 2K |
Persistent negative cash burn
According to quarterly financial data, TIVC consistently reports operating cash flow deficits that closely track net losses, with an OCF/NI ratio often near 1.0, suggesting that non-cash expenses like stock-based compensation provide minimal relief to the company's underlying cash-burning operational structure.
The tight correlation between net income and operating cash flow indicates that the company's losses are primarily cash-based rather than driven by non-cash accounting charges. This suggests that the business lacks the accrual-based cushion typically found in more mature firms, leaving the cash balance directly exposed to every dollar of operating loss.
As reported in recent financial statements, TIVC's free cash flow remains deeply negative, with quarterly outflows frequently exceeding $1.5 million, highlighting a persistent inability to generate positive cash flow from its core hardware sales model despite various attempts to scale distribution.
The consistent negative free cash flow trajectory implies that the company is currently unable to self-fund its operations. Investors should monitor whether the lack of FCF improvement forces further dilutive financing, as the current burn rate appears disconnected from any meaningful revenue growth.
Based on the provided cash flow statements, working capital changes have been highly erratic, swinging from a $512,000 inflow in 2025Q1 to a $557,000 outflow in 2024Q4, which suggests significant instability in inventory management and the timing of customer collections.
These fluctuations may indicate that the company is struggling to balance inventory levels with unpredictable retail demand. Such volatility often points to inefficient supply chain management, which may be exacerbating the company's already strained liquidity position.
As evidenced by the cash flow data, stock-based compensation consistently adds back over $100,000 per quarter, which effectively masks the true extent of the company's cash-based operating expenses and dilutes shareholders without improving the underlying cash flow profile.
While SBC is a standard non-cash adjustment, its persistence in a company with negative gross margins warrants further investigation into management's incentive alignment. It appears that the company is utilizing equity to preserve cash, yet this has not prevented the steady erosion of the cash balance.
Quick answers to the most common questions about buying TIVC stock.
Tivic Health Systems, Inc. (TIVC) generated $-7.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tivic Health Systems, Inc. (TIVC) reported negative free cash flow of $7.6M in 2025, indicating capital requirements exceeded cash from operations.
Tivic Health Systems, Inc. (TIVC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.