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InspireMD cash flow, quarter by quarter

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

Free cash flow−$11.2M in Q2 2026 · −$42.5M over twelve months

Operating cash flow−$10.9M
Capital spending−$330K
Free cash flow−$11.2M
Cash conversion cycle146 days

Analysis

In Q2 2026, InspireMD generated −$10.9M of operating cash flow and spent $330K on capital projects, leaving free cash flow of −$11.2M. That is $2.3M less than in Q2 2025 (−$8.9M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$41.2M; the largest uses were operating cash flow ($41.2M), other investing ($6.9M), capital spending ($1.3M); the cash balance rose by $3.6M.

Operating cash flow was −$10.9M against net income of −$14.3M. The largest differences: stock-based pay +$2.2M, receivables +$565K, inventory +$335K.

Its cash conversion cycle was 146 days (receivables 108 + inventory 103 − payables 65).

Free cash flow

InspireMD: free cash flow by quarterInspireMD: free cash flow by quarter−$6.1MQ3 2024−$7.1MQ4 2024−$9.2MQ1 2025−$8.9MQ2 2025−$9.0MQ3 2025−$9.7MQ4 2025−$12.5MQ1 2026−$11.2MQ2 2026
Operating cash flow less capital spending.
InspireMD: operating cash flow against capital spendingInspireMD: operating cash flow against capital spendingOperating cash flowCapital spending−$5.7M$421KQ3 2024−$6.8M$311KQ4 2024−$8.8M$359KQ1 2025−$8.3M$576KQ2 2025−$8.6M$329KQ3 2025−$9.3M$398KQ4 2025−$12.3M$194KQ1 2026−$10.9M$330KQ2 2026
Latest (Q2 2026): Operating cash flow −$10.9M, Capital spending $330K.

Capital allocation, year by year

InspireMD: where the cash came from (up) and went (down), by fiscal yearInspireMD: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$13.2MFY2021: Shares issued $35.0MFY2021: Capital spending −$344K$35.0MFY2021FY2022: Operating cash flow −$15.5MFY2022: Capital spending −$473KFY2022FY2023: Operating cash flow −$16.4MFY2023: Shares issued $37.5MFY2023: Asset sales $12KFY2023: Capital spending −$381K$37.5MFY2023FY2024: Operating cash flow −$21.9MFY2024: Shares issued $1.0MFY2024: Capital spending −$1.4M$1.0MFY2024FY2025: Operating cash flow −$35.1MFY2025: Shares issued $1.0MFY2025: Asset sales $15KFY2025: Capital spending −$1.7M$1.0MFY2025
Over these 5 years operating cash flow totalled −$102M; the largest uses were operating cash flow ($102M) and capital spending ($4.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$30.4M
Debtnone
Net cash$30.4M
Cash runway9 months

InspireMD is burning cash: its operations consume cash, a free cash flow of −$42.5M a year at the current rate against $30.4M of cash and investments: a runway of about 9 months before any new financing.

Where the cash came from and went

InspireMD: sources (+) and uses (−) of cash, Q2 2026InspireMD: sources (+) and uses (−) of cash, Q2 2026Other investing$15.0MOperating cash flow−$10.9MCash drawn (+) / kept (−)−$3.8MCapital spending−$330KExchange rates$29K
InspireMD: sources (+) and uses (−) of cash, TTM to Q2 2026InspireMD: sources (+) and uses (−) of cash, TTM to Q2 2026Not reconciled$52.9MOperating cash flow−$41.2MOther investing−$6.9MCash drawn (+) / kept (−)−$3.6MCapital spending−$1.3MExchange rates$76K

From profit to cash

InspireMD: net income to operating cash flow, Q2 2026InspireMD: net income to operating cash flow, Q2 2026Net income−$14.3MDepreciation & amortization$158KStock-based pay$2.2MOther non-cash−$32KReceivables$565KInventory$335KPayables−$300KPrepaid and other assets$102KOperating cash flow−$10.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202610810365146
Q1 20266010753114
Q4 20256016470154
Q3 20256518591159
Q2 202581182101163
Q1 202593196108180
Q4 20247315680150
Q3 20247215374152

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$10.9M−$330K—−$3.8M−$11.2M
Q1 2026−$12.3M−$194K—−$2.4M−$12.5M
Q4 2025−$9.3M−$398K−$37.7M$54.5M−$9.7M
Q3 2025−$8.6M−$329K$38.0M−$51.9M−$9.0M
Q2 2025−$8.3M−$576K$190K$874K−$8.9M
Q1 2025−$8.8M−$359K$506K$6.5M−$9.2M
Q4 2024−$6.8M−$311K$965K−$3.1M−$7.1M
Q3 2024−$5.7M−$421K−$965K$12.6M−$6.1M

InspireMD: income statement and cash flow

InspireMD, Q2 2026: revenue $1.8M (-0.4% year over year), operating margin -815.6%. The chart follows the revenue to costs, profit and cash.

InspireMD: 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.