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Pulmonx cash flow, quarter by quarter

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

Free cash flow−$3.2M in Q3 2026 · −$25.6M over twelve months

Operating cash flow−$3.2M
Capital spending−$8K
Free cash flow−$3.2M
Cash conversion cycle240 days

Analysis

In Q3 2026, Pulmonx generated −$3.2M of operating cash flow and spent $8K on capital projects, leaving free cash flow of −$3.2M. That is $5.1M more than in Q3 2025 (−$8.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$25.6M; the largest uses were operating cash flow ($25.6M), net borrowing (+) / repaid (−) ($103K), capital spending ($31K); besides operations, cash came from other financing ($1.7M), shares issued ($151K); the cash balance fell by $23.9M.

Operating cash flow was −$3.2M against net income of −$8.4M. The largest differences: stock-based pay +$3.6M, inventory +$573K, accrued liabilities +$536K.

Its cash conversion cycle was 240 days (receivables 49 + inventory 269 − payables 78).

Free cash flow

Pulmonx: free cash flow by quarterPulmonx: free cash flow by quarter−$6.8MQ4 2024−$13.5MQ1 2025−$4.0MQ2 2025−$8.3MQ3 2025−$7.1MQ4 2025−$10.1MQ1 2026−$5.2MQ2 2026−$3.2MQ3 2026
Operating cash flow less capital spending.
Pulmonx: operating cash flow against capital spendingPulmonx: operating cash flow against capital spendingOperating cash flowCapital spending−$6.7M$111KQ4 2024−$13.2M$301KQ1 2025−$3.9M$49KQ2 2025−$8.2M$89KQ3 2025−$7.1M$13KQ4 2025−$10.1M$9KQ1 2026−$5.2M$1KQ2 2026−$3.2M$8KQ3 2026
Latest (Q3 2026): Operating cash flow −$3.2M, Capital spending $8K.

Capital allocation, year by year

Pulmonx: where the cash came from (up) and went (down), by fiscal yearPulmonx: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow −$41.4MFY2021: Shares issued $1.9MFY2021: Capital spending −$3.7MFY2021: Buybacks −$26K$1.9MFY2021FY2022: Operating cash flow −$45.1MFY2022: Net borrowing −$87KFY2022: Shares issued $644KFY2022: Capital spending −$1.3MFY2022: Buybacks −$27K$644KFY2022FY2023: Operating cash flow −$37.6MFY2023: Net borrowing $19.9MFY2023: Shares issued $310KFY2023: Capital spending −$807K$20.2MFY2023FY2024: Operating cash flow −$31.5MFY2024: Net borrowing −$95KFY2024: Shares issued $218KFY2024: Capital spending −$1.4M$218KFY2024FY2025: Operating cash flow −$32.4MFY2025: Net borrowing −$100KFY2025: Shares issued $249KFY2025: Capital spending −$452K$249KFY2025
Over these 5 years operating cash flow totalled −$188M; the largest uses were operating cash flow ($188M) and capital spending ($7.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$52.7M
Debt$37.9M
Net cash$14.8M
Due within a year$6.3M
Cash runway2.1 years

Pulmonx is burning cash: its operations consume cash, a free cash flow of −$25.6M a year at the current rate against $52.7M of cash and investments: a runway of about 2.1 years; $6.3M of debt also comes due within a year, which the cash covers before any new financing.

Pulmonx: debt maturities by year (FY2024)Pulmonx: debt maturities by year (FY2024)$6.3MYear 1$20.7MYear 2$16.1MYear 3
Principal due in each year as disclosed in the annual report, against $52.7M of cash and investments now.

Where the cash came from and went

Pulmonx: sources (+) and uses (−) of cash, Q3 2026Pulmonx: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$3.2MCash drawn (+) / kept (−)$3.2MOther financing$155KExchange rates−$125KCapital spending−$8KShares issued$5KNet borrowing (+) / repaid (−)$1K
Pulmonx: sources (+) and uses (−) of cash, TTM to Q3 2026Pulmonx: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$25.6MCash drawn (+) / kept (−)$23.9MOther financing$1.7MShares issued$151KNet borrowing (+) / repaid (−)−$103KCapital spending−$31KExchange rates$17K

From profit to cash

Pulmonx: net income to operating cash flow, Q3 2026Pulmonx: net income to operating cash flow, Q3 2026Net income−$8.4MDepreciation & amortization$200KStock-based pay$3.6MReceivables$123KInventory$573KPayables−$159KAccrued liabilities$536KDeferred revenue−$4KPrepaid and other assets−$225KIncome taxes payable−$90KOperating cash flow−$3.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264926978240
Q2 20264629774269
Q1 20265031973296
Q4 20255329294251
Q3 202564274110228
Q2 20255722674208
Q1 20255424559240
Q4 20244825263238

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$3.2M−$8K$1K$5K$3.2M−$3.2M
Q2 2026−$5.2M−$1K——$5.7M−$5.2M
Q1 2026−$10.1M−$9K$1.8M$40K$8.2M−$10.1M
Q4 2025−$7.1M−$13K−$51K$106K$6.8M−$7.1M
Q3 2025−$8.2M−$89K−$1K$5K−$1.1M−$8.3M
Q2 2025−$3.9M−$49K—$28K−$913K−$4.0M
Q1 2025−$13.2M−$301K—$110K−$3.6M−$13.5M
Q4 2024−$6.7M−$111K−$49K$110K−$7.6M−$6.8M

Pulmonx: income statement and cash flow

Pulmonx, Q3 2026: revenue $22.8M (+6% year over year), operating margin -32.8%. The chart follows the revenue to costs, profit and cash.

Pulmonx: 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.