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Immucell cash flow, quarter by quarter

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

Free cash flow$2.3M in Q2 2026 · $4.2M over twelve months

Operating cash flow$3.0M
Capital spending−$734K
Free cash flow+$2.3M
Cash / net income1.6×
Cash conversion cycle188 days

Analysis

In Q2 2026, Immucell generated $3.0M of operating cash flow and spent $734K on capital projects, leaving free cash flow of $2.3M. That is $839K more than in Q2 2025 ($1.4M).

Over the twelve months to Jun 30, 2026, operating cash flow was $5.9M; the largest uses were net borrowing (+) / repaid (−) ($2.3M), capital spending ($1.7M); besides operations, cash came from other financing ($787K), shares issued ($165K); the cash balance rose by $2.9M.

Operating cash flow was $3.0M against net income of $1.8M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: payables +$619K, depreciation & amortization +$471K, prepaid and other assets +$437K.

Its cash conversion cycle was 188 days (receivables 35 + inventory 170 − payables 18).

Free cash flow

Immucell: free cash flow by quarterImmucell: free cash flow by quarter−$728KQ3 2024−$199KQ4 2024$1.2MQ1 2025$1.4MQ2 2025−$1.8MQ3 2025$310KQ4 2025$3.4MQ1 2026$2.3MQ2 2026
Operating cash flow less capital spending.
Immucell: operating cash flow against capital spendingImmucell: operating cash flow against capital spendingOperating cash flowCapital spending−$639K$88KQ3 2024−$3K$196KQ4 2024$1.6M$329KQ1 2025$1.6M$155KQ2 2025−$1.2M$594KQ3 2025$483K$172KQ4 2025$3.6M$177KQ1 2026$3.0M$734KQ2 2026
Latest (Q2 2026): Operating cash flow $3.0M, Capital spending $734K.

Capital allocation, year by year

Immucell: where the cash came from (up) and went (down), by fiscal yearImmucell: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow $954KFY2021: Net borrowing −$366KFY2021: Shares issued $177KFY2021: Asset sales $19.2MFY2021: Capital spending −$2.6M$20.4MFY2021FY2022: Operating cash flow −$1.5MFY2022: Net borrowing $1.1MFY2022: Shares issued $31KFY2022: Asset sales $11KFY2022: Capital spending −$4.0M$1.1MFY2022FY2023: Operating cash flow −$4.7MFY2023: Net borrowing $1.8MFY2023: Shares issued $19KFY2023: Asset sales $2KFY2023: Capital spending −$1.9M$1.8MFY2023FY2024: Operating cash flow $358KFY2024: Net borrowing −$1.5MFY2024: Shares issued $4.6MFY2024: Asset sales $4KFY2024: Capital spending −$466K$5.0MFY2024FY2025: Operating cash flow $2.5MFY2025: Net borrowing −$2.3MFY2025: Shares issued $349KFY2025: Asset sales $36KFY2025: Capital spending −$1.3M$2.9MFY2025
Over these 5 years operating cash flow totalled −$2.4M; the largest uses were capital spending ($10.2M) and operating cash flow ($6.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$8.9M
Debt$8.3M
Net cash$557K
Due within a year$1.5M

Immucell funds itself: free cash flow was $4.2M over the last twelve months, and $8.9M of cash and investments stands against $8.3M of debt ($1.5M due within a year, 5.9× covered by cash).

Where the cash came from and went

Immucell: sources (+) and uses (−) of cash, Q2 2026Immucell: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$3.0MCash drawn (+) / kept (−)−$2.0MCapital spending−$734KNet borrowing (+) / repaid (−)−$403KShares issued$165K
Immucell: sources (+) and uses (−) of cash, TTM to Q2 2026Immucell: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$5.9MCash drawn (+) / kept (−)−$2.9MNet borrowing (+) / repaid (−)−$2.3MCapital spending−$1.7MOther financing$787KShares issued$165KAsset & business sales$17K

From profit to cash

Immucell: net income to operating cash flow, Q2 2026Immucell: net income to operating cash flow, Q2 2026Net income$1.8MDepreciation & amortization$471KStock-based pay$240KReceivables−$203KInventory−$405KPayables$619KPrepaid and other assets$437KOperating cash flow$3.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20263517018188
Q1 20262714214155
Q4 20253618617205
Q3 20254126527279
Q2 20254019623214
Q1 20254013818160
Q4 20243613617155
Q3 20243315314172

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$3.0M−$734K−$403K$165K−$2.0M$2.3M
Q1 2026$3.6M−$177K−$400K$4−$3.0M$3.4M
Q4 2025$483K−$172K−$395K—$79K$310K
Q3 2025−$1.2M−$594K——$2.1M−$1.8M
Q2 2025$1.6M−$155K−$381K$330K−$1.4M$1.4M
Q1 2025$1.6M−$329K−$380K$19K−$841K$1.2M
Q4 2024−$3K−$196K−$374K$539K$50K−$199K
Q3 2024−$639K−$88K−$368K$3.7M−$2.5M−$728K

Immucell: income statement and cash flow

Immucell, Q2 2026: revenue $7.2M (+12% year over year), operating margin 26.9%. The chart follows the revenue to costs, profit and cash.

Immucell: 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.