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Co-Diagnostics cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$7.2M in Q2 2026 · −$27.5M over twelve months

Operating cash flow−$7.2M
Capital spending−$18K
Free cash flow−$7.2M
Cash conversion cycle-1378 days

Analysis

In Q2 2026, Co-Diagnostics generated −$7.2M of operating cash flow and spent $18K on capital projects, leaving free cash flow of −$7.2M. That is $1.5M more than in Q2 2025 (−$8.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$27.1M; the largest uses were operating cash flow ($27.1M), capital spending ($367K); besides operations, cash came from other financing ($18.1M), other investing ($1.9M); the cash balance fell by $7.5M.

Operating cash flow was −$7.2M against net income of −$6.3M. The largest differences: payables −$1.4M, stock-based pay +$214K, depreciation & amortization +$202K.

Its cash conversion cycle was -1378 days (receivables 37 + inventory 1695 − payables 3110): suppliers fund its working capital.

Free cash flow

Co-Diagnostics: free cash flow by quarterCo-Diagnostics: free cash flow by quarter−$7.4MQ3 2024−$8.3MQ4 2024−$8.8MQ1 2025−$8.7MQ2 2025−$6.0MQ3 2025−$6.3MQ4 2025−$8.0MQ1 2026−$7.2MQ2 2026
Operating cash flow less capital spending.
Co-Diagnostics: operating cash flow against capital spendingCo-Diagnostics: operating cash flow against capital spendingOperating cash flowCapital spending−$7.2M$174KQ3 2024−$8.2M$73KQ4 2024−$8.7M$92KQ1 2025−$8.3M$401KQ2 2025−$5.9M$75KQ3 2025−$6.2M$132KQ4 2025−$7.8M$142KQ1 2026−$7.2M$18KQ2 2026
Latest (Q2 2026): Operating cash flow −$7.2M, Capital spending $18K.

Capital allocation, year by year

Co-Diagnostics: where the cash came from (up) and went (down), by fiscal yearCo-Diagnostics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $41.1MFY2021: Shares issued $450KFY2021: Capital spending −$669KFY2021: Acquisitions $1.2M$42.7MFY2021FY2022: Operating cash flow $6.6MFY2022: Shares issued $178KFY2022: Capital spending −$1.4MFY2022: Buybacks −$14.2M$6.7MFY2022FY2023: Operating cash flow −$22.1MFY2023: Capital spending −$1.4MFY2023: Buybacks −$1.4MFY2023FY2024: Operating cash flow −$29.2MFY2024: Shares issued $104KFY2024: Capital spending −$748K$104KFY2024FY2025: Operating cash flow −$29.1MFY2025: Shares issued $1.8MFY2025: Capital spending −$700K$1.8MFY2025
Over these 5 years operating cash flow totalled −$32.7M; the largest uses were operating cash flow ($80.4M) and buybacks ($15.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.9M
Debtnone
Net cash$5.9M
Cash runway3 months

Co-Diagnostics is burning cash: its operations consume cash, a free cash flow of −$27.5M a year at the current rate against $5.9M of cash and investments: a runway of about 3 months before any new financing.

Where the cash came from and went

Co-Diagnostics: sources (+) and uses (−) of cash, Q2 2026Co-Diagnostics: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$7.2MCash drawn (+) / kept (−)$4.6MOther financing$2.7MOther investing−$150KCapital spending−$18K
Co-Diagnostics: sources (+) and uses (−) of cash, TTM to Q2 2026Co-Diagnostics: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$27.1MOther financing$18.1MCash drawn (+) / kept (−)$7.5MOther investing$1.9MCapital spending−$367K

From profit to cash

Co-Diagnostics: net income to operating cash flow, Q2 2026Co-Diagnostics: net income to operating cash flow, Q2 2026Net income−$6.3MDepreciation & amortization$202KStock-based pay$214KGains on investments$52KReceivables$34KInventory$36KPayables−$1.4MDeferred revenue$28KPrepaid and other assets−$26KOperating cash flow−$7.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20263716953110-1378
Q1 202684427905-394
Q4 2025436731078-362
Q3 20258438065414-1524
Q2 20259730726162-2992
Q1 2025241449412520-7786
Q4 202496422987-469
Q3 202452422625-150

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$7.2M−$18K—$4.6M−$7.2M
Q1 2026−$7.8M−$142K—$3.7M−$8.0M
Q4 2025−$6.2M−$132K$497K−$441K−$6.3M
Q3 2025−$5.9M−$75K$530K−$329K−$6.0M
Q2 2025−$8.3M−$401K$429K−$9.2M−$8.7M
Q1 2025−$8.7M−$92K$355K$1.0M−$8.8M
Q4 2024−$8.2M−$73K—$7.9M−$8.3M
Q3 2024−$7.2M−$174K—$3.1M−$7.4M

Co-Diagnostics: income statement and cash flow

Co-Diagnostics, Q2 2026: revenue $166K (+2% year over year). The chart follows the revenue to costs, profit and cash.

Co-Diagnostics: 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.