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Establishment Labs Holdings cash flow, quarter by quarter

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

Free cash flow$6.8M in Q3 2026 · −$21.6M over twelve months

Operating cash flow$7.7M
Capital spending−$885K
Free cash flow+$6.8M
Cash conversion cycle305 days

Analysis

In Q3 2026, Establishment Labs Holdings generated $7.7M of operating cash flow and spent $885K on capital projects, leaving free cash flow of $6.8M. That is $19.9M more than in Q3 2025 (−$13.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$13.4M; the largest uses were other financing ($260M), operating cash flow ($13.4M), capital spending ($8.2M); besides operations, cash came from net borrowing (+) / repaid (−) ($265M), shares issued ($24.7M); the cash balance rose by $5.2M.

Operating cash flow was $7.7M against net income of −$10.7M. The largest differences: payables +$3.9M, accrued liabilities +$3.5M, stock-based pay +$2.9M.

Its cash conversion cycle was 305 days (receivables 98 + inventory 351 − payables 144).

Free cash flow

Establishment Labs Holdings: free cash flow by quarterEstablishment Labs Holdings: free cash flow by quarter−$21.3MQ4 2024−$21.5MQ1 2025−$20.4MQ2 2025−$13.1MQ3 2025−$2.0MQ4 2025−$6.2MQ1 2026−$20.3MQ2 2026$6.8MQ3 2026
Operating cash flow less capital spending.
Establishment Labs Holdings: operating cash flow against capital spendingEstablishment Labs Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$20.7M$531KQ4 2024−$20.7M$753KQ1 2025−$18.8M$1.6MQ2 2025−$11.2M$1.8MQ3 2025−$162K$1.8MQ4 2025−$4.3M$1.9MQ1 2026−$16.6M$3.7MQ2 2026$7.7M$885KQ3 2026
Latest (Q3 2026): Operating cash flow $7.7M, Capital spending $885K.

Capital allocation, year by year

Establishment Labs Holdings: where the cash came from (up) and went (down), by fiscal yearEstablishment Labs Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$27.5MFY2021: Net borrowing −$175KFY2021: Shares issued $4.6MFY2021: Capital spending −$2.4M$4.6MFY2021FY2022: Operating cash flow −$52.2MFY2022: Net borrowing $96.4MFY2022: Shares issued $3.9MFY2022: Capital spending −$2.9M$100MFY2022FY2023: Operating cash flow −$88.5MFY2023: Shares issued $86.7MFY2023: Capital spending −$7.9M$86.7MFY2023FY2024: Operating cash flow −$58.5MFY2024: Net borrowing $24.5MFY2024: Shares issued $102MFY2024: Capital spending −$6.1MFY2024: Acquisitions −$50K$126MFY2024FY2025: Operating cash flow −$50.9MFY2025: Net borrowing $33.5MFY2025: Shares issued $7.6MFY2025: Capital spending −$6.0MFY2025: Acquisitions −$307K$41.1MFY2025
Over these 5 years operating cash flow totalled −$278M; the largest uses were operating cash flow ($278M) and capital spending ($25.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$75.8M
Debt$278M
Net debt$202M
Cash runway3.5 years

Establishment Labs Holdings is burning cash: its operations consume cash, a free cash flow of −$21.6M a year at the current rate against $75.8M of cash and investments: a runway of about 3.5 years before any new financing.

Where the cash came from and went

Establishment Labs Holdings: sources (+) and uses (−) of cash, Q3 2026Establishment Labs Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$7.7MCash drawn (+) / kept (−)−$4.7MOther investing−$1.7MCapital spending−$885KShares issued$610KNet borrowing (+) / repaid (−)−$509KExchange rates−$318KTaxes on employees’ shares−$200K
Establishment Labs Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Establishment Labs Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$265MOther financing−$260MShares issued$24.7MOperating cash flow−$13.4MCapital spending−$8.2MCash drawn (+) / kept (−)−$5.2MOther investing−$1.7MTaxes on employees’ shares−$1.3MExchange rates−$94K

From profit to cash

Establishment Labs Holdings: net income to operating cash flow, Q3 2026Establishment Labs Holdings: net income to operating cash flow, Q3 2026Net income−$10.7MStock-based pay$2.9MGains on disposals$329KReceivables−$2.5MInventory$1.2MPayables$3.9MAccrued liabilities$3.5MPrepaid and other assets$24KOther liabilities−$647KOperating cash flow$7.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202698351144305
Q2 2026103394171325
Q1 2026116442218340
Q4 2025106419200325
Q3 2025121523273371
Q2 2025118525287357
Q1 2025139561298402
Q4 2024137479260356

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$7.7M−$885K—−$509K$610K−$4.7M$6.8M
Q2 2026−$16.6M−$3.7M——$15.9M−$3.1M−$20.3M
Q1 2026−$4.3M−$1.9M—−$1.2M$1.0M$7.5M−$6.2M
Q4 2025−$162K−$1.8M——$7.2M−$4.9M−$2.0M
Q3 2025−$11.2M−$1.8M—$29.5M$31K−$16.0M−$13.1M
Q2 2025−$18.8M−$1.6M——$273K$14.5M−$20.4M
Q1 2025−$20.7M−$753K−$307K—$79K$21.2M−$21.5M
Q4 2024−$20.7M−$531K−$50K$24.5M$50.1M−$50.6M−$21.3M

Establishment Labs Holdings: income statement and cash flow

Establishment Labs Holdings, Q3 2026: revenue $72.0M (+34% year over year), operating margin -3.6%. The chart follows the revenue to costs, profit and cash.

Establishment Labs Holdings: 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.