Operational cash flow remains volatile, with a 2026Q1 free cash flow margin of -74.4% indicating that the firm continues to burn significant capital to support its commercial and clinical infrastructure.
| Cash from Operations | -19.99M | -18.01M | -40.84M | -50.58M | -32.31M | -22.7M | -677.6K |
| Operating CF Margin % | - | -39.89% | -138.78% | -273.23% | -260.63% | -270.17% | - |
| Operating CF Growth % | 123.71% | 55.9% | 19.25% | -56.53% | -42.37% | -3249.62% | - |
| Net Income | -27.31M | -39.23M | -30.05M | -59.36M | -47.19M | -28.84M | -711.39K |
| Depreciation & Amortization | 589K | 626K | 744K | 684K | 398K | 464K | 0 |
| Stock-Based Compensation | 7.51M | 9.13M | 5.44M | 1.4M | 368K | 109K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -1.54M | 9.39M | -7.43M | 6.16M | 11.81M | 5.71M | 603.77K |
| Working Capital Changes | 765K | 2.07M | -9.55M | 537K | 2.3M | -131K | -569.98K |
| Change in Receivables | 23K | -1.63M | -1.72M | -1.98M | -200K | -741K | 0 |
| Change in Inventory | 384K | 971K | -1.5M | -1.07M | -179K | -725K | 0 |
| Change in Payables | 2.37M | 2.02M | -4.38M | 2.84M | 5.25M | 3.17M | 0 |
| Cash from Investing | -265K | -838K | -345K | -1.59M | -1.79M | -2.26M | -250M |
| Capital Expenditures | -305K | -918K | -345K | -588K | -655K | -1.1M | 0 |
| CapEx % of Revenue | 0.68% | 2.03% | 1.17% | 3.18% | 5.28% | 13.06% | - |
| Acquisitions | 40K | 80K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -1M | -1.13M | -1.16M | 0 |
| Cash from Financing | 63.46M | 30.76M | 37.94M | 54.63M | 13.46M | 50.77M | 252.01M |
| Debt Issued (Net) | -19K | 9.4M | 24.92M | -87K | -131K | -1.3M | -178.08K |
| Equity Issued (Net) | 65.24M | 21.36M | 15.54M | 9.19M | 13.5M | 52.02M | 252.19M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.76M | 0 | -2.52M | 45.53M | 94K | 54K | 0 |
| Net Change in Cash | 43.55M | 11.91M | -3.25M | 2.46M | -20.64M | 25.81M | 1.33M |
| Free Cash Flow | -20.3M | -18.93M | -41.19M | -51.17M | -33.1M | -23.95M | -677.6K |
| FCF Margin % | -45.22% | -41.93% | -139.95% | -276.41% | -266.97% | -285.14% | - |
| FCF Growth % | 42.84% | 54.04% | 19.5% | -54.58% | -38.17% | -3435.27% | - |
| FCF per Share | -0.39 | -0.50 | -1.55 | -1.93 | -1.12 | -0.77 | -0.02 |
| FCF Conversion (FCF/Net Income) | 0.74x | 0.46x | 1.23x | 0.85x | 0.68x | 0.79x | 0.02x |
| Interest Paid | 848K | 0 | 1.75M | 18K | 0 | 18K | 0 |
| Taxes Paid | 15K | 0 | 18K | 14K | 9K | 3K | 0 |
Liquidity and financing dependence
Based on the reported quarterly figures, the persistent gap between net income and operating cash flow suggests that TLSI's accounting earnings are significantly decoupled from actual cash generation, with OCF/NI ratios frequently fluctuating in ways that indicate heavy reliance on non-cash adjustments and working capital volatility.
The wide variance between net income and operating cash flow suggests that the company's reported losses do not fully capture the cash-burn reality of its commercial expansion. Investors should monitor whether this divergence narrows as the TriNav system gains broader market adoption or if it remains a structural feature of the company's current R&D-heavy business model.
As reported in recent financial statements, TLSI's free cash flow margins remain deeply negative, with quarterly figures reaching as low as -183.1%, highlighting the substantial cash requirements needed to fund clinical development and commercial infrastructure before the company can reach a self-sustaining operational scale.
The consistent negative FCF trajectory appears to be a direct consequence of aggressive spending on clinical trials and sales force expansion. This trend suggests that the company is prioritizing market penetration over immediate cash preservation, which may necessitate further capital raises if the current burn rate persists.
According to the provided cash flow data, working capital changes have been highly erratic, swinging from a $4.0 million inflow in 2023Q4 to a $6.4 million outflow in 2024Q2, which suggests significant instability in the company's ability to manage its cash conversion cycle effectively.
These swings in working capital may indicate lumpy inventory management or timing differences in hospital procurement cycles for the TriNav system. Such volatility complicates cash flow forecasting and suggests that the company's liquidity position is sensitive to the timing of large customer orders and payment collections.
Data from recent filings indicates that stock-based compensation, which averaged over $1.5 million per quarter, serves as a significant non-cash add-back that masks the true extent of the company's operational cash burn and dilutes the value of existing equity for shareholders over time.
While SBC is a standard tool for talent retention in high-growth medtech, its consistent presence in the cash flow statement suggests that the company's actual cash-based operating expenses are higher than they appear on the surface. Analysts should adjust for these non-cash charges to better understand the true underlying cash requirements of the business.
Quick answers to the most common questions about buying TLSI stock.
TriSalus Life Sciences, Inc. (TLSI) generated $-18.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TriSalus Life Sciences, Inc. (TLSI) reported negative free cash flow of $18.9M in 2025, indicating capital requirements exceeded cash from operations.
TriSalus Life Sciences, Inc. (TLSI) spent $0.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.