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CVRx cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$11.0M in Q3 2026 · −$42.0M over twelve months

Operating cash flow−$10.9M
Capital spending−$98K
Free cash flow−$11.0M
Cash conversion cycle531 days

Analysis

In Q3 2026, CVRx generated −$10.9M of operating cash flow and spent $98K on capital projects, leaving free cash flow of −$11.0M. That is $991K less than in Q3 2025 (−$10.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$41.6M; the largest uses were operating cash flow ($41.6M), capital spending ($400K), other financing ($270K); besides operations, cash came from net borrowing (+) / repaid (−) ($10.0M), shares issued ($5.9M); the cash balance fell by $26.4M.

Operating cash flow was −$10.9M against net income of −$14.2M. The largest differences: stock-based pay +$2.9M, accrued liabilities +$1.2M, inventory −$600K.

Its cash conversion cycle was 531 days (receivables 63 + inventory 669 − payables 201).

Free cash flow

CVRx: free cash flow by quarterCVRx: free cash flow by quarter−$8.1MQ4 2024−$12.9MQ1 2025−$8.0MQ2 2025−$10.0MQ3 2025−$9.8MQ4 2025−$12.3MQ1 2026−$8.9MQ2 2026−$11.0MQ3 2026
Operating cash flow less capital spending.
CVRx: operating cash flow against capital spendingCVRx: operating cash flow against capital spendingOperating cash flowCapital spending−$8.0M$52KQ4 2024−$12.8M$114KQ1 2025−$7.9M$103KQ2 2025−$9.7M$295KQ3 2025−$9.8M$68KQ4 2025−$12.2M$122KQ1 2026−$8.8M$112KQ2 2026−$10.9M$98KQ3 2026
Latest (Q3 2026): Operating cash flow −$10.9M, Capital spending $98K.

Capital allocation, year by year

CVRx: where the cash came from (up) and went (down), by fiscal yearCVRx: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$27.7MFY2021: Net borrowing −$21.3MFY2021: Shares issued $133MFY2021: Capital spending −$1.2M$133MFY2021FY2022: Operating cash flow −$42.7MFY2022: Net borrowing $7.5MFY2022: Shares issued $184KFY2022: Capital spending −$685K$7.7MFY2022FY2023: Operating cash flow −$39.0MFY2023: Net borrowing $22.5MFY2023: Shares issued $728KFY2023: Capital spending −$591K$23.2MFY2023FY2024: Operating cash flow −$39.1MFY2024: Net borrowing $20.0MFY2024: Shares issued $35.2MFY2024: Capital spending −$1.4M$55.2MFY2024FY2025: Operating cash flow −$40.2MFY2025: Shares issued $9.8MFY2025: Capital spending −$580K$9.8MFY2025
Over these 5 years operating cash flow totalled −$189M; the largest uses were operating cash flow ($189M) and net borrowing ($21.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$58.7M
Debt$58.7M
Net cash$91K
Cash runway17 months

CVRx is burning cash: its operations consume cash, a free cash flow of −$42.0M a year at the current rate against $58.7M of cash and investments: a runway of about 17 months before any new financing.

Where the cash came from and went

CVRx: sources (+) and uses (−) of cash, Q3 2026CVRx: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$10.9MCash drawn (+) / kept (−)$5.8MShares issued$5.2MCapital spending−$98KOther financing−$2K
CVRx: sources (+) and uses (−) of cash, TTM to Q3 2026CVRx: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$41.6MCash drawn (+) / kept (−)$26.4MNet borrowing (+) / repaid (−)$10.0MShares issued$5.9MCapital spending−$400KOther financing−$270KExchange rates−$1K

From profit to cash

CVRx: net income to operating cash flow, Q3 2026CVRx: net income to operating cash flow, Q3 2026Net income−$14.2MDepreciation & amortization$200KStock-based pay$2.9MReceivables−$188KInventory−$600KPayables$268KAccrued liabilities$1.2MPrepaid and other assets−$587KOperating cash flow−$10.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202663669201531
Q2 202654584158480
Q1 202660587163484
Q4 202554494156392
Q3 202548549158439
Q2 202554498123429
Q1 202567526118474
Q4 202455429105379

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$10.9M−$98K—$5.2M$5.8M−$11.0M
Q2 2026−$8.8M−$112K—$775K$7.7M−$8.9M
Q1 2026−$12.2M−$122K$10.0M−$11K$3.4M−$12.3M
Q4 2025−$9.8M−$68K—$17K$9.4M−$9.8M
Q3 2025−$9.7M−$295K—$103K$9.9M−$10.0M
Q2 2025−$7.9M−$103K—$32K$7.6M−$8.0M
Q1 2025−$12.8M−$114K—$9.6M$3.3M−$12.9M
Q4 2024−$8.0M−$52K—$13.4M−$5.8M−$8.1M

CVRx: income statement and cash flow

CVRx, Q3 2026: revenue $13.8M (-6% year over year), operating margin -94.3%. The chart follows the revenue to costs, profit and cash.

CVRx: 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.