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Journey Medical cash flow, quarter by quarter

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

Free cash flow−$1.7M in Q2 2026 · −$7.5M over twelve months

Operating cash flow−$1.7M
Free cash flow−$1.7M
Cash conversion cycle159 days

Analysis

In Q2 2026, Journey Medical generated −$1.7M of operating cash flow. That is $792K less than in Q2 2025 (−$942K).

Over the twelve months to Jun 30, 2026, operating cash flow was −$7.5M; the largest uses were operating cash flow ($7.5M); besides operations, cash came from other financing ($12.5M), shares issued ($340K); the cash balance rose by $5.3M.

Operating cash flow was −$1.7M against net income of −$312K. The largest differences: receivables −$11.2M, accrued liabilities +$5.7M, stock-based pay +$1.4M.

Its cash conversion cycle was 159 days (receivables 151 + inventory 129 − payables 120).

Free cash flow

Journey Medical: free cash flow by quarterJourney Medical: free cash flow by quarter−$1.2MQ3 2024$2.2MQ4 2024−$2.8MQ1 2025−$942KQ2 2025−$2.4MQ3 2025−$6.3MQ4 2025$2.9MQ1 2026−$1.7MQ2 2026
Operating cash flow less capital spending.
Journey Medical: operating cash flow against capital spendingJourney Medical: operating cash flow against capital spendingOperating cash flowCapital spending−$1.2M$0Q3 2024$2.2M$0Q4 2024−$2.8M$0Q1 2025−$942K$0Q2 2025−$2.4M$0Q3 2025−$6.3M$0Q4 2025$2.9M$0Q1 2026−$1.7M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$1.7M, Capital spending $0.

Capital allocation, year by year

Journey Medical: where the cash came from (up) and went (down), by fiscal yearJourney Medical: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$2.2MFY2021: Net borrowing −$4.5MFY2021: Shares issued $32.5M$32.5MFY2021FY2022: Operating cash flow −$13.5MFY2022: Net borrowing $16.9MFY2022: Shares issued $142KFY2022: Capital spending −$20.0M$17.0MFY2022FY2023: Operating cash flow $5.2MFY2023: Net borrowing −$8.9MFY2023: Shares issued $4.6MFY2023: Capital spending −$5.0M$9.9MFY2023FY2024: Operating cash flow −$9.1MFY2024: Net borrowing $8.8MFY2024: Shares issued $8.1MFY2024: Capital spending −$15.0M$16.8MFY2024FY2025: Operating cash flow −$12.4MFY2025: Net borrowing −$625KFY2025: Shares issued $16.7M$16.7MFY2025
Over these 5 years operating cash flow totalled −$32.0M; the largest uses were capital spending ($40.0M) and operating cash flow ($37.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$25.6M
Debt$25.5M
Net cash$171K
Due within a year$5.0M
Cash runway3.4 years

Journey Medical is burning cash: its operations consume cash, a free cash flow of −$7.5M a year at the current rate against $25.6M of cash and investments: a runway of about 3.4 years; $5.0M of debt also comes due within a year, which the cash covers before any new financing.

Where the cash came from and went

Journey Medical: sources (+) and uses (−) of cash, Q2 2026Journey Medical: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$1.7MCash drawn (+) / kept (−)$1.6MShares issued$158K
Journey Medical: sources (+) and uses (−) of cash, TTM to Q2 2026Journey Medical: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$12.5MOperating cash flow−$7.5MCash drawn (+) / kept (−)−$5.3MShares issued$340K

From profit to cash

Journey Medical: net income to operating cash flow, Q2 2026Journey Medical: net income to operating cash flow, Q2 2026Net income−$312KStock-based pay$1.4MReceivables−$11.2MInventory$1.1MPayables−$153KAccrued liabilities$5.7MPrepaid and other assets$728KOperating cash flow−$1.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026151129120159
Q1 2026154137123168
Q3 20258819719491
Q2 202510223425085
Q1 20259725328664
Q4 202471539645-36
Q3 202466187261-7

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$1.7M—$158K$1.6M−$1.7M
Q1 2026$2.9M—$72K−$3.1M$2.9M
Q4 2025−$6.3M—$5.4M$858K−$6.3M
Q3 2025−$2.4M—$7.0M−$4.7M−$2.4M
Q2 2025−$942K—$165K$777K−$942K
Q1 2025−$2.8M−$625K$4.1M−$765K−$2.8M
Q4 2024$2.2M$4.4M$6.2M$2.2M$2.2M
Q3 2024−$1.2M−$50K$257K$1.5M−$1.2M

Journey Medical: income statement and cash flow

Journey Medical, Q2 2026: revenue $18.5M (+23% year over year), operating margin 2.5%. The chart follows the revenue to costs, profit and cash.

Journey Medical: 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.