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Nlight cash flow, quarter by quarter

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

Free cash flow−$17.6M in Q3 2026 · $21.8M over twelve months

Operating cash flow−$13.1M
Capital spending−$4.4M
Free cash flow−$17.6M
Cash conversion cycle114 days

Analysis

In Q3 2026, Nlight generated −$13.1M of operating cash flow and spent $4.4M on capital projects, leaving free cash flow of −$17.6M. That is $20.0M less than in Q3 2025 ($2.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $34.8M; the largest uses were capital spending ($13.0M), taxes on employees’ shares ($194K); besides operations, cash came from other financing ($174M), other investing ($1.2M); the cash balance rose by $198M.

Operating cash flow was −$13.1M against net income of −$7.2M. The largest differences: prepaid and other assets −$13.3M, inventory −$12.1M, stock-based pay +$9.9M.

Its cash conversion cycle was 114 days (receivables 57 + inventory 101 − payables 44).

Free cash flow

Nlight: free cash flow by quarterNlight: free cash flow by quarter−$6.5MQ4 2024−$2.3MQ1 2025−$3.8MQ2 2025$2.4MQ3 2025$15.9MQ4 2025$7.6MQ1 2026$15.9MQ2 2026−$17.6MQ3 2026
Operating cash flow less capital spending.
Nlight: operating cash flow against capital spendingNlight: operating cash flow against capital spendingOperating cash flowCapital spending−$3.9M$2.6MQ4 2024−$20K$2.3MQ1 2025−$1.4M$2.4MQ2 2025$5.2M$2.8MQ3 2025$17.5M$1.6MQ4 2025$9.7M$2.1MQ1 2026$20.7M$4.8MQ2 2026−$13.1M$4.4MQ3 2026
Latest (Q3 2026): Operating cash flow −$13.1M, Capital spending $4.4M.

Capital allocation, year by year

Nlight: where the cash came from (up) and went (down), by fiscal yearNlight: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$7.4MFY2021: Shares issued $83.5MFY2021: Capital spending −$19.3MFY2021: Acquisitions −$291K$83.5MFY2021FY2022: Operating cash flow −$14.5MFY2022: Shares issued $1.2MFY2022: Capital spending −$21.4MFY2022: Acquisitions −$664K$1.2MFY2022FY2023: Operating cash flow $10.1MFY2023: Shares issued $640KFY2023: Capital spending −$5.3M$10.7MFY2023FY2024: Operating cash flow −$2.4MFY2024: Shares issued $500KFY2024: Capital spending −$7.9M$500KFY2024FY2025: Operating cash flow $21.3MFY2025: Net borrowing $20.0MFY2025: Shares issued $281KFY2025: Capital spending −$9.0M$41.6MFY2025
Over these 5 years operating cash flow totalled $7.1M; the largest uses were capital spending ($63.0M) and operating cash flow ($24.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$314M
Debtnone
Net cash$314M

Nlight funds itself: free cash flow was $21.8M over the last twelve months, with $314M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Nlight: sources (+) and uses (−) of cash, Q3 2026Nlight: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$16.4MOperating cash flow−$13.1MCapital spending−$4.4MShares issued$619KOther investing$405KExchange rates$164K
Nlight: sources (+) and uses (−) of cash, TTM to Q3 2026Nlight: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$198MOther financing$174MOperating cash flow$34.8MCapital spending−$13.0MOther investing$1.2MShares issued$921KTaxes on employees’ shares−$194KExchange rates$44K

From profit to cash

Nlight: net income to operating cash flow, Q3 2026Nlight: net income to operating cash flow, Q3 2026Net income−$7.2MDepreciation & amortization$2.9MStock-based pay$9.9MDeferred taxes$249KGains on disposals−$47KReceivables−$485KInventory−$12.1MPayables−$709KAccrued liabilities$3.7MDeferred revenue−$843KPrepaid and other assets−$13.3MIncome taxes payable$148KOperating cash flow−$13.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265710144114
Q2 202652743492
Q1 202656753497
Q4 2025577931105
Q3 20256510035129
Q2 2025609737119
Q1 20256210138125
Q4 2024738931131

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$13.1M−$4.4M—$619K$16.4M−$17.6M
Q2 2026$20.7M−$4.8M—$986K$2.5M$15.9M
Q1 2026$9.7M−$2.1M—$191M−$200M$7.6M
Q4 2025$17.5M−$1.6M—$85K−$17.6M$15.9M
Q3 2025$5.2M−$2.8M—$34K−$2.4M$2.4M
Q2 2025−$1.4M−$2.4M—$41K$3.4M−$3.8M
Q1 2025−$20K−$2.3M$20.0M$121K−$16.4M−$2.3M
Q4 2024−$3.9M−$2.6M—$279K−$24.4M−$6.5M

Nlight: income statement and cash flow

Nlight, Q3 2026: revenue $73.8M (+10% year over year), operating margin -12.5%. The chart follows the revenue to costs, profit and cash.

Nlight: 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.