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Harrow cash flow, quarter by quarter

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

Free cash flow−$10.2M in Q2 2026 · $5.0M over twelve months

Operating cash flow−$9.8M
Capital spending−$491K
Free cash flow−$10.2M
Cash conversion cycle99 days

Analysis

In Q2 2026, Harrow generated −$9.8M of operating cash flow and spent $491K on capital projects, leaving free cash flow of −$10.2M. That is $9.3M less than in Q2 2025 (−$969K).

Over the twelve months to Jun 30, 2026, operating cash flow was $6.3M; the largest uses were other investing ($22.5M), capital spending ($1.2M); besides operations, cash came from other financing ($47.2M), shares issued ($1.2M); the cash balance rose by $30.9M.

Operating cash flow was −$9.8M against net income of −$17.3M. The largest differences: receivables −$17.2M, payables +$8.5M, prepaid and other assets +$4.0M.

Its cash conversion cycle was 99 days (receivables 142 + inventory 75 − payables 117).

Free cash flow

Harrow: free cash flow by quarterHarrow: free cash flow by quarter$2.3MQ3 2024−$18.3MQ4 2024$19.5MQ1 2025−$969KQ2 2025$16.4MQ3 2025$8.1MQ4 2025−$9.2MQ1 2026−$10.2MQ2 2026
Operating cash flow less capital spending.
Harrow: operating cash flow against capital spendingHarrow: operating cash flow against capital spendingOperating cash flowCapital spending$3.0M$604KQ3 2024−$17.8M$555KQ4 2024$19.7M$170KQ1 2025−$803K$166KQ2 2025$16.6M$210KQ3 2025$8.4M$341KQ4 2025−$9.0M$194KQ1 2026−$9.8M$491KQ2 2026
Latest (Q2 2026): Operating cash flow −$9.8M, Capital spending $491K.

Capital allocation, year by year

Harrow: where the cash came from (up) and went (down), by fiscal yearHarrow: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $5.1MFY2021: Net borrowing $55.1MFY2021: Shares issued $65KFY2021: Capital spending −$1.8M$60.3MFY2021FY2022: Operating cash flow $1.7MFY2022: Net borrowing −$18KFY2022: Shares issued $23.3MFY2022: Asset sales $30KFY2022: Capital spending −$2.6MFY2022: Acquisitions −$6.0M$25.0MFY2022FY2023: Operating cash flow $3.8MFY2023: Net borrowing $60.8MFY2023: Shares issued $64.9MFY2023: Capital spending −$1.5M$130MFY2023FY2024: Operating cash flow −$22.2MFY2024: Net borrowing $29.8MFY2024: Shares issued $1.1MFY2024: Capital spending −$1.6M$30.9MFY2024FY2025: Operating cash flow $43.9MFY2025: Net borrowing $13.5MFY2025: Shares issued $467KFY2025: Capital spending −$887KFY2025: Acquisitions −$4.4M$57.8MFY2025
Over these 5 years operating cash flow totalled $32.3M; the largest uses were operating cash flow ($22.2M) and acquisitions ($10.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$83.9M
Debt$300M
Net debt$216M
Due within a year$23.9M
Cash runway2.0 years

Harrow is burning cash: its operations consume cash, a free cash flow of −$41.0M a year at the current rate against $83.9M of cash and investments: a runway of about 2.0 years; $23.9M of debt also comes due within a year, which the cash covers before any new financing.

Harrow: debt maturities by year (FY2024)Harrow: debt maturities by year (FY2024)$23.9MYear 1$194MYear 2$45.0MYear 3
Principal due in each year as disclosed in the annual report, against $83.9M of cash and investments now.

Where the cash came from and went

Harrow: sources (+) and uses (−) of cash, Q2 2026Harrow: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$10.8MOperating cash flow−$9.8MOther financing−$1.3MShares issued$811KCapital spending−$491KOther investing−$43K
Harrow: sources (+) and uses (−) of cash, TTM to Q2 2026Harrow: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$47.2MCash drawn (+) / kept (−)−$30.9MOther investing−$22.5MOperating cash flow$6.3MCapital spending−$1.2MShares issued$1.2M

From profit to cash

Harrow: net income to operating cash flow, Q2 2026Harrow: net income to operating cash flow, Q2 2026Net income−$17.3MDepreciation & amortization$460KStock-based pay$3.8MReceivables−$17.2MInventory−$414KPayables$8.5MEmployee-related liabilities$2.3MDeferred revenue−$43KPrepaid and other assets$4.0MOperating cash flow−$9.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20261427511799
Q1 202621679161133
Q4 2025976613528
Q3 20251006311054
Q2 2025111621704
Q1 20251826222024
Q3 20249975182-8

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$9.8M−$491K—$811K$10.8M−$10.2M
Q1 2026−$9.0M−$194K$49.0M$25K−$21.7M−$9.2M
Q4 2025$8.4M−$341K—$180K$1.4M$8.1M
Q3 2025$16.6M−$210K—$162K−$21.3M$16.4M
Q2 2025−$803K−$166K—$102K$13.8M−$969K
Q1 2025$19.7M−$170K—$23K−$19.5M$19.5M
Q4 2024−$17.8M−$555K—$105K$25.4M−$18.3M
Q3 2024$3.0M−$604K—$484K−$1.6M$2.3M

Harrow: income statement and cash flow

Harrow, Q2 2026: revenue $70.7M (+11% year over year), operating margin -15.6%. The chart follows the revenue to costs, profit and cash.

Harrow: 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.