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TriSalus Life Sciences cash flow, quarter by quarter

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

Free cash flow−$10.2M in Q2 2026 · −$23.3M over twelve months

Operating cash flow−$10.1M
Capital spending−$82K
Free cash flow−$10.2M
Cash conversion cycle46 days

Analysis

In Q2 2026, TriSalus Life Sciences generated −$10.1M of operating cash flow and spent $82K on capital projects, leaving free cash flow of −$10.2M. That is $3.0M less than in Q2 2025 (−$7.2M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$22.8M; the largest uses were operating cash flow ($22.8M), other financing ($1.7M), capital spending ($480K); besides operations, cash came from shares issued ($44.4M), asset & business sales ($40K); the cash balance rose by $19.4M.

Operating cash flow was −$10.1M against net income of −$9.2M. The largest differences: stock-based pay +$2.6M, receivables −$1.3M, payables −$586K.

Its cash conversion cycle was 46 days (receivables 47 + inventory 241 − payables 241).

Free cash flow

TriSalus Life Sciences: free cash flow by quarterTriSalus Life Sciences: free cash flow by quarter−$11.0MQ3 2024−$5.8MQ4 2024−$5.3MQ1 2025−$7.2MQ2 2025−$3.9MQ3 2025−$2.5MQ4 2025−$6.6MQ1 2026−$10.2MQ2 2026
Operating cash flow less capital spending.
TriSalus Life Sciences: operating cash flow against capital spendingTriSalus Life Sciences: operating cash flow against capital spendingOperating cash flowCapital spending−$10.8M$169KQ3 2024−$5.7M$50KQ4 2024−$4.5M$754KQ1 2025−$7.3M−$93KQ2 2025−$3.7M$216KQ3 2025−$2.5M$41KQ4 2025−$6.5M$141KQ1 2026−$10.1M$82KQ2 2026
Latest (Q2 2026): Operating cash flow −$10.1M, Capital spending $82K.

Capital allocation, year by year

TriSalus Life Sciences: where the cash came from (up) and went (down), by fiscal yearTriSalus Life Sciences: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow −$1.7MFY2021: Shares issued $250M$250MFY2021FY2022: Operating cash flow −$32.3MFY2022: Net borrowing −$92KFY2022: Shares issued $13.6MFY2022: Capital spending −$655KFY2022: Buybacks −$232M$13.6MFY2022FY2023: Operating cash flow −$50.6MFY2023: Net borrowing −$87KFY2023: Shares issued $9.4MFY2023: Capital spending −$588K$9.4MFY2023FY2024: Operating cash flow −$40.8MFY2024: Net borrowing $24.9MFY2024: Shares issued $15.2MFY2024: Capital spending −$345K$40.1MFY2024FY2025: Operating cash flow −$18.0MFY2025: Net borrowing $9.9MFY2025: Shares issued $22.5MFY2025: Asset sales $80KFY2025: Capital spending −$918K$32.5MFY2025
Over these 5 years operating cash flow totalled −$143M; the largest uses were buybacks ($232M) and operating cash flow ($143M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$46.3M
Debt$33.1M
Net cash$13.2M
Cash runway24 months

TriSalus Life Sciences is burning cash: its operations consume cash, a free cash flow of −$23.3M a year at the current rate against $46.3M of cash and investments: a runway of about 24 months before any new financing.

Where the cash came from and went

TriSalus Life Sciences: sources (+) and uses (−) of cash, Q2 2026TriSalus Life Sciences: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$10.3MOperating cash flow−$10.1MCapital spending−$82KOther financing−$53KNet borrowing (+) / repaid (−)−$18KShares issued$17K
TriSalus Life Sciences: sources (+) and uses (−) of cash, TTM to Q2 2026TriSalus Life Sciences: sources (+) and uses (−) of cash, TTM to Q2 2026Shares issued$44.4MOperating cash flow−$22.8MCash drawn (+) / kept (−)−$19.4MOther financing−$1.7MCapital spending−$480KAsset & business sales$40KNet borrowing (+) / repaid (−)−$36K

From profit to cash

TriSalus Life Sciences: net income to operating cash flow, Q2 2026TriSalus Life Sciences: net income to operating cash flow, Q2 2026Net income−$9.2MDepreciation & amortization$136KStock-based pay$2.6MReceivables−$1.3MInventory−$427KPayables−$586KPrepaid and other assets−$199KOperating cash flow−$10.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20264724124146
Q1 20266025126546
Q4 20254016617729
Q3 20254217113776
Q2 202545201119127
Q1 202552247153146
Q4 202456304141219
Q3 202460341157244

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$10.1M−$82K−$18K$17K$10.3M−$10.2M
Q1 2026−$6.5M−$141K−$9K$42.7M−$35.8M−$6.6M
Q4 2025−$2.5M−$41K−$3K−$124K$2.2M−$2.5M
Q3 2025−$3.7M−$216K−$6K$1.8M$3.8M−$3.9M
Q2 2025−$7.3M$93K−$1K$20.5M−$13.5M−$7.2M
Q1 2025−$4.5M−$754K$9.9M$279K−$4.5M−$5.3M
Q4 2024−$5.7M−$50K−$19K$2.6M$2.8M−$5.8M
Q3 2024−$10.8M−$169K−$22K$5.8M$5.2M−$11.0M

TriSalus Life Sciences: income statement and cash flow

TriSalus Life Sciences, Q2 2026: revenue $11.4M (+2% year over year), operating margin -86.0%. The chart follows the revenue to costs, profit and cash.

TriSalus Life Sciences: 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.