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PAVmed cash flow, quarter by quarter

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

Free cash flow−$2.7M in Q2 2026 · −$7.8M over twelve months

Operating cash flow−$2.7M
Capital spending−$13K
Free cash flow−$2.7M

Analysis

In Q2 2026, PAVmed generated −$2.7M of operating cash flow and spent $13K on capital projects, leaving free cash flow of −$2.7M. That is $1.5M less than in Q2 2025 (−$1.2M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$7.7M; the largest uses were net borrowing (+) / repaid (−) ($11.1M), operating cash flow ($7.7M), capital spending ($52K); besides operations, cash came from other financing ($18.7M); the cash balance fell by $220K.

Operating cash flow was −$2.7M against net income of −$6.6M. The largest differences: stock-based pay +$917K, prepaid and other assets −$487K, accrued liabilities +$369K.

Free cash flow

PAVmed: free cash flow by quarterPAVmed: free cash flow by quarter−$8.9MQ3 2024$90KQ4 2024−$1.6MQ1 2025−$1.2MQ2 2025−$899KQ3 2025−$1.6MQ4 2025−$2.6MQ1 2026−$2.7MQ2 2026
Operating cash flow less capital spending.
PAVmed: operating cash flow against capital spendingPAVmed: operating cash flow against capital spendingOperating cash flowCapital spending−$8.9M$6KQ3 2024$94K$4KQ4 2024−$1.6M$6KQ1 2025−$1.2M$8KQ2 2025−$896K$3KQ3 2025−$1.6M$14KQ4 2025−$2.6M$22KQ1 2026−$2.7M$13KQ2 2026
Latest (Q2 2026): Operating cash flow −$2.7M, Capital spending $13K.

Capital allocation, year by year

PAVmed: where the cash came from (up) and went (down), by fiscal yearPAVmed: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow −$40.6MFY2021: Net borrowing −$14.8MFY2021: Shares issued $56.0MFY2021: Capital spending −$1.5MFY2021: Acquisitions −$2.2M$56.0MFY2021FY2022: Operating cash flow −$71.0MFY2022: Net borrowing $35.2MFY2022: Shares issued $381KFY2022: Capital spending −$3.2MFY2022: Acquisitions −$3.2M$35.6MFY2022FY2023: Operating cash flow −$52.0MFY2023: Net borrowing $9.9MFY2023: Shares issued $20.4MFY2023: Asset sales $1.0MFY2023: Capital spending −$242K$31.3MFY2023FY2024: Operating cash flow −$33.6MFY2024: Net borrowing −$531KFY2024: Shares issued $31.4MFY2024: Capital spending −$55K$31.4MFY2024FY2025: Operating cash flow −$5.2MFY2025: Capital spending −$31KFY2025
Over these 5 years operating cash flow totalled −$202M; the largest uses were operating cash flow ($202M) and net borrowing ($15.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.8M
Debtnone
Net cash$3.8M
Cash runway6 months

PAVmed is burning cash: its operations consume cash, a free cash flow of −$7.8M a year at the current rate against $3.8M of cash and investments: a runway of about 6 months before any new financing.

Where the cash came from and went

PAVmed: sources (+) and uses (−) of cash, Q2 2026PAVmed: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$2.7MOperating cash flow−$2.7MCapital spending−$13K
PAVmed: sources (+) and uses (−) of cash, TTM to Q2 2026PAVmed: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$18.7MNet borrowing (+) / repaid (−)−$11.1MOperating cash flow−$7.7MCash drawn (+) / kept (−)$220KCapital spending−$52K

From profit to cash

PAVmed: net income to operating cash flow, Q2 2026PAVmed: net income to operating cash flow, Q2 2026Net income−$6.6MDepreciation & amortization$19KStock-based pay$917KReceivables$5KPayables$75KAccrued liabilities$369KPrepaid and other assets−$487KOperating cash flow−$2.7M
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−$2.7M−$13K——$2.7M−$2.7M
Q1 2026−$2.6M−$22K$3.9M$29.9M−$4.9M−$2.6M
Q4 2025−$1.6M−$14K——$1.6M−$1.6M
Q3 2025−$896K−$3K—−$1.6M$901K−$899K
Q2 2025−$1.2M−$8K—$1.6M−$1.3M−$1.2M
Q1 2025−$1.6M−$6K—$841K−$1.5M−$1.6M
Q4 2024$94K−$4K—$330K−$420K$90K
Q3 2024−$8.9M−$6K—$284K$24.7M−$8.9M

PAVmed: income statement and cash flow

PAVmed, Q2 2026: revenue $33K (+450% year over year). The chart follows the revenue to costs, profit and cash.

PAVmed: 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.