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EBR Systems cash flow, quarter by quarter

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

Free cash flow−$17.3M in Q3 2026 · −$77.4M over twelve months

Operating cash flow−$17.3M
Capital spending−$87K
Free cash flow−$17.3M

Analysis

In Q3 2026, EBR Systems generated −$17.3M of operating cash flow and spent $87K on capital projects, leaving free cash flow of −$17.3M. That is $2.9M less than in Q3 2025 (−$14.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$69.7M; the largest uses were operating cash flow ($69.7M), other investing ($21.0M), capital spending ($7.7M); besides operations, cash came from shares issued ($106M); the cash balance rose by $1.3M.

Operating cash flow was −$17.3M against net income of −$16.6M. The largest differences: inventory −$2.5M, accrued liabilities +$1.1M, stock-based pay +$1.0M.

Free cash flow

EBR Systems: free cash flow by quarterEBR Systems: free cash flow by quarter−$11.1MQ4 2024−$13.6MQ1 2025−$12.4MQ2 2025−$14.4MQ3 2025−$16.5MQ4 2025−$23.5MQ1 2026−$20.0MQ2 2026−$17.3MQ3 2026
Operating cash flow less capital spending.
EBR Systems: operating cash flow against capital spendingEBR Systems: operating cash flow against capital spendingOperating cash flowCapital spending−$11.0M$65KQ4 2024−$13.6M$60KQ1 2025−$11.5M$889KQ2 2025−$13.1M$1.3MQ3 2025−$15.0M$1.5MQ4 2025−$20.3M$3.3MQ1 2026−$17.2M$2.9MQ2 2026−$17.3M$87KQ3 2026
Latest (Q3 2026): Operating cash flow −$17.3M, Capital spending $87K.

Capital allocation, year by year

EBR Systems: where the cash came from (up) and went (down), by fiscal yearEBR Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2023: Operating cash flow −$32.7MFY2023: Net borrowing $20.0MFY2023: Shares issued $21.7MFY2023: Capital spending −$354K$41.7MFY2023FY2024: Operating cash flow −$41.2MFY2024: Net borrowing $37KFY2024: Shares issued $34.5MFY2024: Capital spending −$273K$34.5MFY2024FY2025: Operating cash flow −$53.2MFY2025: Net borrowing −$37KFY2025: Shares issued $49.5MFY2025: Capital spending −$3.7M$49.5MFY2025
Over these 3 years operating cash flow totalled −$127M; the largest uses were operating cash flow ($127M) and capital spending ($4.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$85.4M
Debt$41.8M
Net cash$43.6M
Cash runway13 months

EBR Systems is burning cash: its operations consume cash, a free cash flow of −$77.4M a year at the current rate against $85.4M of cash and investments: a runway of about 13 months before any new financing.

Where the cash came from and went

EBR Systems: sources (+) and uses (−) of cash, Q3 2026EBR Systems: sources (+) and uses (−) of cash, Q3 2026Other investing−$51.4MCash drawn (+) / kept (−)$45.4MShares issued$25.1MOperating cash flow−$17.3MOther financing−$1.7MCapital spending−$87KNot reconciled$26K
EBR Systems: sources (+) and uses (−) of cash, TTM to Q3 2026EBR Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Shares issued$106MOperating cash flow−$69.7MOther investing−$21.0MCapital spending−$7.7MOther financing−$5.8MCash drawn (+) / kept (−)−$1.3MNot reconciled−$7K

From profit to cash

EBR Systems: net income to operating cash flow, Q3 2026EBR Systems: net income to operating cash flow, Q3 2026Net income−$16.6MDepreciation & amortization$192KStock-based pay$1.0MReceivables$196KInventory−$2.5MPayables−$328KAccrued liabilities$1.1MPrepaid and other assets−$752KOperating cash flow−$17.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$17.3M−$87K—$25.1M$45.4M−$17.3M
Q2 2026−$17.2M−$2.9M—$18K−$52.8M−$20.0M
Q1 2026−$20.3M−$3.3M—$132K−$764K−$23.5M
Q4 2025−$15.0M−$1.5M—$68K$6.8M−$16.5M
Q3 2025−$13.1M−$1.3M—$147K$32.4M−$14.4M
Q2 2025−$11.5M−$889K−$15K$168K−$36.1M−$12.4M
Q1 2025−$13.6M−$60K−$22K$264K−$4.6M−$13.6M
Q4 2024−$11.0M−$65K−$23K$3.1M$29.5M−$11.1M

EBR Systems: income statement and cash flow

EBR Systems, Q3 2026: revenue $2.5M (+386% year over year), operating margin -653.3%. The chart follows the revenue to costs, profit and cash.

EBR 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.