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PDF Solutions cash flow, quarter by quarter

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

Free cash flow−$1.1M in Q3 2026 · −$23K over twelve months

Operating cash flow$13.8M
Capital spending−$14.9M
Free cash flow−$1.1M
Cash / net income2.0×
Cash conversion cycle64 days

Analysis

In Q3 2026, PDF Solutions generated $13.8M of operating cash flow and spent $14.9M on capital projects, leaving free cash flow of −$1.1M. That is $1.8M more than in Q3 2025 (−$2.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $49.2M; the largest uses were capital spending ($49.2M), taxes on employees’ shares ($11.9M), net borrowing (+) / repaid (−) ($2.5M); besides operations, cash came from other financing ($86.1M); the cash balance rose by $71.3M.

Operating cash flow was $13.8M against net income of $6.8M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue +$15.6M, contract assets −$13.1M, stock-based pay +$8.5M.

Its cash conversion cycle was 64 days (receivables 126 + inventory 0 − payables 62).

Free cash flow

PDF Solutions: free cash flow by quarterPDF Solutions: free cash flow by quarter−$4.0MQ4 2024$535KQ1 2025−$13.8MQ2 2025−$2.9MQ3 2025$7.5MQ4 2025−$8.8MQ1 2026$2.3MQ2 2026−$1.1MQ3 2026
Operating cash flow less capital spending.
PDF Solutions: operating cash flow against capital spendingPDF Solutions: operating cash flow against capital spendingOperating cash flowCapital spending$1.6M$5.6MQ4 2024$8.6M$8.1MQ1 2025−$5.2M$8.5MQ2 2025$3.3M$6.2MQ3 2025$17.3M$9.8MQ4 2025$1.7M$10.5MQ1 2026$16.4M$14.1MQ2 2026$13.8M$14.9MQ3 2026
Latest (Q3 2026): Operating cash flow $13.8M, Capital spending $14.9M.

Capital allocation, year by year

PDF Solutions: where the cash came from (up) and went (down), by fiscal yearPDF Solutions: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $4.2MFY2021: Shares issued $1.9MFY2021: Capital spending −$3.7MFY2021: Acquisitions −$3.1MFY2021: Buybacks −$4.5M$6.2MFY2021FY2022: Operating cash flow $32.3MFY2022: Shares issued $1.7MFY2022: Capital spending −$8.4MFY2022: Buybacks −$22.5M$34.0MFY2022FY2023: Operating cash flow $14.6MFY2023: Shares issued $492KFY2023: Asset sales $105KFY2023: Capital spending −$11.2MFY2023: Acquisitions −$1.8MFY2023: Buybacks −$743K$15.2MFY2023FY2024: Operating cash flow $9.7MFY2024: Shares issued $123KFY2024: Asset sales $55KFY2024: Capital spending −$17.2MFY2024: Buybacks −$6.9M$9.9MFY2024FY2025: Operating cash flow $24.1MFY2025: Net borrowing $67.7MFY2025: Shares issued $4.2MFY2025: Capital spending −$32.6MFY2025: Acquisitions −$130MFY2025: Buybacks −$244K$96.0MFY2025
Over these 5 years operating cash flow totalled $84.9M; the largest uses were acquisitions ($135M) and capital spending ($73.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$107M
Debt$65.3M
Net cash$41.8M
Due within a year$2.5M

PDF Solutions's operations bring cash in ($49.2M over twelve months), and it spends more than that on capital projects: a gap of $23K funded from its $107M of cash and investments and from borrowing ($65.3M of debt, $2.5M due within a year). That is a choice to invest, not a cash runway running down.

PDF Solutions: debt maturities by year (FY2025)PDF Solutions: debt maturities by year (FY2025)$2.5MYear 1$2.5MYear 2$2.5MYear 3$2.5MYear 4$58.1MYear 5
Principal due in each year as disclosed in the annual report, against $107M of cash and investments now.

Where the cash came from and went

PDF Solutions: sources (+) and uses (−) of cash, Q3 2026PDF Solutions: sources (+) and uses (−) of cash, Q3 2026Capital spending−$14.9MOperating cash flow$13.8MCash drawn (+) / kept (−)$7.8MTaxes on employees’ shares−$7.5MOther financing$917KOther investing−$192KExchange rates$172K
PDF Solutions: sources (+) and uses (−) of cash, TTM to Q3 2026PDF Solutions: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$86.1MCash drawn (+) / kept (−)−$71.3MCapital spending−$49.2MOperating cash flow$49.2MTaxes on employees’ shares−$11.9MNet borrowing (+) / repaid (−)−$2.5MOther investing−$246KExchange rates−$168K

From profit to cash

PDF Solutions: net income to operating cash flow, Q3 2026PDF Solutions: net income to operating cash flow, Q3 2026Net income$6.8MDepreciation & amortization$2.2MStock-based pay$8.5MOther non-cash−$298KReceivables−$6.2MPayables$2.2MAccrued liabilities$1.0MEmployee-related liabilities−$7.0MDeferred revenue$15.6MContract assets−$13.1MPrepaid and other assets−$1.6MIncome taxes payable−$700KOperating cash flow$13.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026126—6264
Q2 2026138—6969
Q1 2026134—9044
Q4 2025116—8630
Q3 2025116—6255
Q2 2025117—4968
Q1 2025129—6168
Q4 2024111—4665

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$13.8M−$14.9M————$7.8M−$1.1M
Q2 2026$16.4M−$14.1M————−$83.7M$2.3M
Q1 2026$1.7M−$10.5M——−$625K$2.2M$11.1M−$8.8M
Q4 2025$17.3M−$9.8M——−$625K$1K−$6.3M$7.5M
Q3 2025$3.3M−$6.2M—−$244K−$625K$2.1M$1.5M−$2.9M
Q2 2025−$5.2M−$8.5M——−$625K$27K$6.3M−$13.8M
Q1 2025$8.6M−$8.1M−$130M—$69.5M$8K$46.9M$535K
Q4 2024$1.6M−$5.6M———$9K$5.8M−$4.0M

PDF Solutions: income statement and cash flow

PDF Solutions, Q3 2026: revenue $68.3M (+20% year over year), operating margin 12.1%. The chart follows the revenue to costs, profit and cash.

PDF Solutions: 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.