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EBR Systems cash flow, quarter by quarter

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

Free cash flow−$20.0M in Q2 2026 · −$74.5M over twelve months

Operating cash flow−$17.2M
Capital spending−$2.9M
Free cash flow−$20.0M

Analysis

In Q2 2026, EBR Systems generated −$17.2M of operating cash flow and spent $2.9M on capital projects, leaving free cash flow of −$20.0M. That is $7.7M less than in Q2 2025 (−$12.4M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$65.6M; the largest uses were operating cash flow ($65.6M), capital spending ($8.9M), other financing ($4.3M); besides operations, cash came from shares issued ($80.6M), other investing ($12.6M); the cash balance rose by $14.4M.

Operating cash flow was −$17.2M against net income of −$17.5M. The largest differences: inventory −$4.1M, receivables +$2.3M, accrued liabilities +$1.2M.

Free cash flow

EBR Systems: free cash flow by quarterEBR Systems: free cash flow by quarter−$9.9MQ3 2024−$11.1MQ4 2024−$13.6MQ1 2025−$12.4MQ2 2025−$14.4MQ3 2025−$16.5MQ4 2025−$23.5MQ1 2026−$20.0MQ2 2026
Operating cash flow less capital spending.
EBR Systems: operating cash flow against capital spendingEBR Systems: operating cash flow against capital spendingOperating cash flowCapital spending−$9.9M$51KQ3 2024−$11.0M$65KQ4 2024−$13.6M$60KQ1 2025−$11.5M$889KQ2 2025−$13.1M$1.3MQ3 2025−$15.0M$1.5MQ4 2025−$20.3M$3.3MQ1 2026−$17.2M$2.9MQ2 2026
Latest (Q2 2026): Operating cash flow −$17.2M, Capital spending $2.9M.

Capital allocation, year by year

EBR Systems: where the cash came from (up) and went (down), by fiscal yearEBR Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2023: Operating cash flow −$32.7MFY2023: Net borrowing $20.0MFY2023: Shares issued $21.7MFY2023: Capital spending −$354K$41.7MFY2023FY2024: Operating cash flow −$41.2MFY2024: Net borrowing $37KFY2024: Shares issued $34.5MFY2024: Capital spending −$273K$34.5MFY2024FY2025: Operating cash flow −$53.2MFY2025: Net borrowing −$37KFY2025: Shares issued $49.5MFY2025: Capital spending −$3.7M$49.5MFY2025
Over these 3 years operating cash flow totalled −$127M; the largest uses were operating cash flow ($127M) and capital spending ($4.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$85.9M
Debt$41.8M
Net cash$44.1M
Cash runway14 months

EBR Systems is burning cash: its operations consume cash, a free cash flow of −$74.5M a year at the current rate against $85.9M of cash and investments: a runway of about 14 months before any new financing.

Where the cash came from and went

EBR Systems: sources (+) and uses (−) of cash, Q2 2026EBR Systems: sources (+) and uses (−) of cash, Q2 2026Other financing$76.2MCash drawn (+) / kept (−)−$52.8MOperating cash flow−$17.2MOther investing−$3.3MCapital spending−$2.9MNot reconciled−$23KShares issued$18K
EBR Systems: sources (+) and uses (−) of cash, TTM to Q2 2026EBR Systems: sources (+) and uses (−) of cash, TTM to Q2 2026Shares issued$80.6MOperating cash flow−$65.6MCash drawn (+) / kept (−)−$14.4MOther investing$12.6MCapital spending−$8.9MOther financing−$4.3MNot reconciled−$22K

From profit to cash

EBR Systems: net income to operating cash flow, Q2 2026EBR Systems: net income to operating cash flow, Q2 2026Net income−$17.5MDepreciation & amortization$284KStock-based pay$936KReceivables$2.3MInventory−$4.1MPayables−$460KAccrued liabilities$1.2MPrepaid and other assets−$371KOperating cash flow−$17.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$17.2M−$2.9M—$18K−$52.8M−$20.0M
Q1 2026−$20.3M−$3.3M—$132K−$764K−$23.5M
Q4 2025−$15.0M−$1.5M$286$68K$6.8M−$16.5M
Q3 2025−$13.1M−$1.3M−$286$147K$32.4M−$14.4M
Q2 2025−$11.5M−$889K−$15K$168K−$36.1M−$12.4M
Q1 2025−$13.6M−$60K−$22K$264K−$4.6M−$13.6M
Q4 2024−$11.0M−$65K−$23K$3.1M$29.5M−$11.1M
Q3 2024−$9.9M−$51K—$19K−$28.0M−$9.9M

EBR Systems: income statement and cash flow

EBR Systems, Q2 2026: revenue $2.6M (16× year over year), operating margin -621.8%. The chart follows the revenue to costs, profit and cash.

EBR Systems: 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.