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NeuroPace cash flow, quarter by quarter

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

Free cash flow−$4.0M in Q2 2026 · −$11.6M over twelve months

Operating cash flow−$3.9M
Capital spending−$125K
Free cash flow−$4.0M
Cash conversion cycle362 days

Analysis

In Q2 2026, NeuroPace generated −$3.9M of operating cash flow and spent $125K on capital projects, leaving free cash flow of −$4.0M. That is $1.8M less than in Q2 2025 (−$2.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$11.2M; the largest uses were operating cash flow ($11.2M), capital spending ($369K), taxes on employees’ shares ($368K); besides operations, cash came from shares issued ($2.1M); the cash balance fell by $10.2M.

Operating cash flow was −$3.9M against net income of −$6.2M. The largest differences: stock-based pay +$2.3M, accrued liabilities +$1.5M, inventory −$1.5M.

Its cash conversion cycle was 362 days (receivables 59 + inventory 404 − payables 101).

Free cash flow

NeuroPace: free cash flow by quarterNeuroPace: free cash flow by quarter−$1.8MQ3 2024−$4.8MQ4 2024−$7.5MQ1 2025−$2.3MQ2 2025−$2.0MQ3 2025$409KQ4 2025−$6.0MQ1 2026−$4.0MQ2 2026
Operating cash flow less capital spending.
NeuroPace: operating cash flow against capital spendingNeuroPace: operating cash flow against capital spendingOperating cash flowCapital spending−$1.7M$100KQ3 2024−$4.8M$39KQ4 2024−$7.5M$37KQ1 2025−$2.1M$168KQ2 2025−$1.9M$30KQ3 2025$506K$97KQ4 2025−$5.9M$117KQ1 2026−$3.9M$125KQ2 2026
Latest (Q2 2026): Operating cash flow −$3.9M, Capital spending $125K.

Capital allocation, year by year

NeuroPace: where the cash came from (up) and went (down), by fiscal yearNeuroPace: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow −$24.6MFY2021: Net borrowing −$4.1MFY2021: Shares issued $110MFY2021: Capital spending −$384K$110MFY2021FY2022: Operating cash flow −$36.9MFY2022: Shares issued $896KFY2022: Capital spending −$603K$896KFY2022FY2023: Operating cash flow −$19.7MFY2023: Shares issued $8.7MFY2023: Capital spending −$173K$8.7MFY2023FY2024: Operating cash flow −$17.9MFY2024: Shares issued $5.2MFY2024: Capital spending −$306K$5.2MFY2024FY2025: Operating cash flow −$11.0MFY2025: Shares issued $1.9MFY2025: Capital spending −$332KFY2025: Buybacks −$49.5M$1.9MFY2025
Over these 5 years operating cash flow totalled −$110M; the largest uses were operating cash flow ($110M) and buybacks ($49.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$51.7M
Debt$59.0M
Net debt$7.3M
Cash runway4.5 years

NeuroPace is burning cash: its operations consume cash, a free cash flow of −$11.6M a year at the current rate against $51.7M of cash and investments: a runway of about 4.5 years before any new financing.

Where the cash came from and went

NeuroPace: sources (+) and uses (−) of cash, Q2 2026NeuroPace: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$3.9MCash drawn (+) / kept (−)$2.9MShares issued$1.4MOther financing−$150KCapital spending−$125KTaxes on employees’ shares−$51K
NeuroPace: sources (+) and uses (−) of cash, TTM to Q2 2026NeuroPace: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$11.2MCash drawn (+) / kept (−)$10.2MShares issued$2.1MCapital spending−$369KTaxes on employees’ shares−$368KOther financing−$333K

From profit to cash

NeuroPace: net income to operating cash flow, Q2 2026NeuroPace: net income to operating cash flow, Q2 2026Net income−$6.2MDepreciation & amortization$100KStock-based pay$2.3MGains on investments$41KReceivables−$141KInventory−$1.5MPayables−$212KAccrued liabilities$1.5MDeferred revenue−$3KPrepaid and other assets$63KOperating cash flow−$3.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202659404101362
Q1 20265735370339
Q4 20254825349252
Q3 20254825669235
Q2 202568414121360
Q1 20255723461230
Q4 20245222245230
Q3 20245019136205

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$3.9M−$125K—$1.4M$2.9M−$4.0M
Q1 2026−$5.9M−$117K—$10K$6.2M−$6.0M
Q4 2025$506K−$97K—$723K−$1.0M$409K
Q3 2025−$1.9M−$30K—$1K$2.2M−$2.0M
Q2 2025−$2.1M−$168K—$766K$4.2M−$2.3M
Q1 2025−$7.5M−$37K−$49.5M$385K−$13.6M−$7.5M
Q4 2024−$4.8M−$39K—$595K$2.0M−$4.8M
Q3 2024−$1.7M−$100K—$34K−$2.6M−$1.8M

NeuroPace: income statement and cash flow

NeuroPace, Q2 2026: revenue $22.8M (+17% year over year), operating margin -22.5%. The chart follows the revenue to costs, profit and cash.

NeuroPace: 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.