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Delcath Systems cash flow, quarter by quarter

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

Free cash flow$5.2M in Q2 2026 · $17.5M over twelve months

Operating cash flow$5.7M
Capital spending−$503K
Free cash flow+$5.2M
Cash / net income2.1×
Cash conversion cycle261 days

Analysis

In Q2 2026, Delcath Systems generated $5.7M of operating cash flow and spent $503K on capital projects, leaving free cash flow of $5.2M. That is $1.7M less than in Q2 2025 ($6.9M).

Over the twelve months to Jun 30, 2026, operating cash flow was $19.6M; the largest uses were buybacks ($9.0M), capital spending ($2.1M), other investing ($20K); besides operations, cash came from shares issued ($4.7M); the cash balance rose by $13.1M.

Operating cash flow was $5.7M against net income of $2.7M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$5.1M, payables +$2.5M, inventory −$1.9M.

Its cash conversion cycle was 261 days (receivables 47 + inventory 328 − payables 114).

Free cash flow

Delcath Systems: free cash flow by quarterDelcath Systems: free cash flow by quarter−$3.9MQ3 2024−$1.2MQ4 2024$2.1MQ1 2025$6.9MQ2 2025$4.3MQ3 2025$7.7MQ4 2025$287KQ1 2026$5.2MQ2 2026
Operating cash flow less capital spending.
Delcath Systems: operating cash flow against capital spendingDelcath Systems: operating cash flow against capital spendingOperating cash flowCapital spending−$3.6M$216KQ3 2024−$1.0M$229KQ4 2024$2.2M$140KQ1 2025$7.3M$398KQ2 2025$4.8M$459KQ3 2025$8.2M$550KQ4 2025$857K$570KQ1 2026$5.7M$503KQ2 2026
Latest (Q2 2026): Operating cash flow $5.7M, Capital spending $503K.

Capital allocation, year by year

Delcath Systems: where the cash came from (up) and went (down), by fiscal yearDelcath Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow −$22.6MFY2021: Net borrowing $15.0MFY2021: Shares issued $2.5MFY2021: Capital spending −$143K$17.5MFY2021FY2022: Operating cash flow −$24.9MFY2022: Net borrowing −$714KFY2022: Capital spending −$209KFY2022FY2023: Operating cash flow −$31.3MFY2023: Net borrowing −$6.3MFY2023: Shares issued $127KFY2023: Capital spending −$58K$127KFY2023FY2024: Operating cash flow −$18.7MFY2024: Net borrowing −$10.6MFY2024: Shares issued $1.9MFY2024: Capital spending −$559K$1.9MFY2024FY2025: Operating cash flow $22.5MFY2025: Shares issued $4.9MFY2025: Capital spending −$1.5MFY2025: Buybacks −$6.0M$27.4MFY2025
Over these 5 years operating cash flow totalled −$75.0M; the largest uses were operating cash flow ($97.5M) and net borrowing ($17.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$95.9M
Debtnone
Net cash$95.9M

Delcath Systems funds itself: free cash flow was $17.5M over the last twelve months, with $95.9M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Delcath Systems: sources (+) and uses (−) of cash, Q2 2026Delcath Systems: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)−$6.2MOperating cash flow$5.7MShares issued$973KCapital spending−$503KExchange rates$38KBuybacks−$11KOther investing−$1K
Delcath Systems: sources (+) and uses (−) of cash, TTM to Q2 2026Delcath Systems: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$19.6MCash drawn (+) / kept (−)−$13.1MBuybacks−$9.0MShares issued$4.7MCapital spending−$2.1MExchange rates−$124KOther investing−$20K

From profit to cash

Delcath Systems: net income to operating cash flow, Q2 2026Delcath Systems: net income to operating cash flow, Q2 2026Net income$2.7MDepreciation & amortization$100KStock-based pay$5.1MReceivables−$1.8MInventory−$1.9MPayables$2.5MPrepaid and other assets−$229KOther liabilities−$398KOperating cash flow$5.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202647328114261
Q1 20264724274215
Q4 20255732173304
Q3 202566373120319
Q2 20255624287211
Q1 20255622241238
Q4 20245429441307
Q3 202444363118289

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$5.7M−$503K−$11K—$973K−$6.2M$5.2M
Q1 2026$857K−$570K−$3.0M—$619K$2.1M$287K
Q4 2025$8.2M−$550K——$56K−$1.6M$7.7M
Q3 2025$4.8M−$459K——$3.1M−$7.4M$4.3M
Q2 2025$7.3M−$398K——$866K−$21.6M$6.9M
Q1 2025$2.2M−$140K——$868K$19.6M$2.1M
Q4 2024−$1.0M−$229K—−$2.0M$1.3M−$24.1M−$1.2M
Q3 2024−$3.6M−$216K—−$2.5M$361K$6.5M−$3.9M

Delcath Systems: income statement and cash flow

Delcath Systems, Q2 2026: revenue $29.1M (+21% year over year), operating margin 8.2%. The chart follows the revenue to costs, profit and cash.

Delcath Systems: 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.