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Accuray cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$3.9M in Q1 FY27 · −$27.1M over twelve months

Operating cash flow−$3.8M
Capital spending−$124K
Free cash flow−$3.9M
Cash / net income-0.4×
Cash conversion cycle230 days

Analysis

In Q1 FY27, Accuray generated −$3.8M of operating cash flow and spent $124K on capital projects, leaving free cash flow of −$3.9M. That is $14.2M less than in Q1 FY26 ($10.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$23.0M; the largest uses were operating cash flow ($23.0M), other investing ($9.4M), capital spending ($4.1M); besides operations, cash came from net borrowing (+) / repaid (−) ($17.0M), other financing ($769K); the cash balance fell by $19.5M.

Operating cash flow was −$3.8M against net income of $10.1M — -0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: impairments +$35.4M, receivables +$17.9M, payables −$8.8M.

Its cash conversion cycle was 230 days (receivables 63 + inventory 223 − payables 56).

Free cash flow

Accuray: free cash flow by quarterAccuray: free cash flow by quarter$927KQ2 FY25$17.1MQ3 FY25−$11.0MQ4 FY25$10.3MQ1 FY26−$19.0MQ2 FY26−$6.1MQ3 FY26$2.0MQ4 FY26−$3.9MQ1 FY27
Operating cash flow less capital spending.
Accuray: operating cash flow against capital spendingAccuray: operating cash flow against capital spendingOperating cash flowCapital spending$1.8M$874KQ2 FY25$18.1M$958KQ3 FY25−$9.7M$1.3MQ4 FY25$12.2M$1.9MQ1 FY26−$16.0M$3.0MQ2 FY26−$5.6M$471KQ3 FY26$2.4M$461KQ4 FY26−$3.8M$124KQ1 FY27
Latest (Q1 FY27): Operating cash flow −$3.8M, Capital spending $124K.

Capital allocation, year by year

Accuray: where the cash came from (up) and went (down), by fiscal yearAccuray: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY22: Operating cash flow −$2.4MFY22: Net borrowing −$30.0MFY22: Shares issued $5.4MFY22: Capital spending −$4.7M$5.4MFY22FY23: Operating cash flow $15.5MFY23: Net borrowing $5.0MFY23: Shares issued $2.2MFY23: Capital spending −$12.6M$22.7MFY23FY24: Operating cash flow −$11.9MFY24: Shares issued $2.5MFY24: Capital spending −$3.6M$2.5MFY24FY25: Operating cash flow $2.9MFY25: Net borrowing $71.5MFY25: Shares issued $1.6MFY25: Capital spending −$4.3M$76.0MFY25FY26: Operating cash flow −$7.0MFY26: Net borrowing −$13.0MFY26: Shares issued $665KFY26: Capital spending −$5.9M$665KFY26
Over these 5 years operating cash flow totalled −$2.9M; the largest uses were net borrowing ($43.0M) and capital spending ($31.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$42.3M
Debt$161M
Net debt$118M
Due within a year$19.6M
Cash runway19 months

Accuray is burning cash: its operations consume cash, a free cash flow of −$27.1M a year at the current rate against $42.3M of cash and investments: a runway of about 19 months; $19.6M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Where the cash came from and went

Accuray: sources (+) and uses (−) of cash, Q1 FY27Accuray: sources (+) and uses (−) of cash, Q1 FY27Other financing$10.3MOther investing−$4.9MOperating cash flow−$3.8MCash drawn (+) / kept (−)−$1.6MCapital spending−$124KExchange rates$116K
Accuray: sources (+) and uses (−) of cash, TTM to Q1 FY27Accuray: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow−$23.0MCash drawn (+) / kept (−)$19.5MNet borrowing (+) / repaid (−)$17.0MOther investing−$9.4MCapital spending−$4.1MExchange rates−$881KOther financing$769K

From profit to cash

Accuray: net income to operating cash flow, Q1 FY27Accuray: net income to operating cash flow, Q1 FY27Net income$10.1MDepreciation & amortization$2.0MStock-based pay$1.1MDeferred taxes−$83KImpairments$35.4MReceivables$17.9MInventory$2.4MPayables−$8.8MDeferred revenue−$7.3MPrepaid and other assets$2.1MOperating cash flow−$3.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY276322356230
Q4 FY266021065205
Q3 FY265417454173
Q2 FY265218051182
Q1 FY266720453219
Q4 FY255814841164
Q3 FY256616355173
Q2 FY257118864195

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27−$3.8M−$124K——−$1.6M−$3.9M
Q4 FY26$2.4M−$461K—$149K−$4.3M$2.0M
Q3 FY26−$5.6M−$471K$5.0M—$3.4M−$6.1M
Q2 FY26−$16.0M−$3.0M——$22.1M−$19.0M
Q1 FY26$12.2M−$1.9M——−$7.8M$10.3M
Q4 FY25−$9.7M−$1.3M−$17.0M$771K$18.1M−$11.0M
Q3 FY25$18.1M−$958K——−$14.9M$17.1M
Q2 FY25$1.8M−$874K$7.0M—−$4.3M$927K

Accuray: income statement and cash flow

Accuray, Q1 FY27: revenue $86.5M (-8% year over year), operating margin -42.2%. The chart follows the revenue to costs, profit and cash.

Accuray: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.