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Xtant Medical Holdings cash flow, quarter by quarter

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

Free cash flow−$7.6M in Q2 2026 · −$696K over twelve months

Operating cash flow−$7.3M
Capital spending−$247K
Free cash flow−$7.6M
Cash conversion cycle323 days

Analysis

In Q2 2026, Xtant Medical Holdings generated −$7.3M of operating cash flow and spent $247K on capital projects, leaving free cash flow of −$7.6M. That is $8.5M less than in Q2 2025 ($910K).

Over the twelve months to Jun 30, 2026, operating cash flow was $570K; the largest uses were other financing ($12.0M), capital spending ($1.3M), net borrowing (+) / repaid (−) ($73K); besides operations, cash came from other investing ($15.4M), asset & business sales ($237K); the cash balance rose by $3.2M.

Operating cash flow was −$7.3M against net income of −$9.4M. The largest differences: receivables −$2.5M, inventory −$2.0M, accrued liabilities −$995K.

Its cash conversion cycle was 323 days (receivables 72 + inventory 306 − payables 55).

Free cash flow

Xtant Medical Holdings: free cash flow by quarterXtant Medical Holdings: free cash flow by quarter−$3.8MQ3 2024−$7KQ4 2024$87KQ1 2025$910KQ2 2025$4.2MQ3 2025$5.0MQ4 2025−$2.3MQ1 2026−$7.6MQ2 2026
Operating cash flow less capital spending.
Xtant Medical Holdings: operating cash flow against capital spendingXtant Medical Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$1.7M$2.1MQ3 2024$665K$672KQ4 2024$1.3M$1.2MQ1 2025$1.3M$366KQ2 2025$4.6M$430KQ3 2025$5.4M$395KQ4 2025−$2.1M$194KQ1 2026−$7.3M$247KQ2 2026
Latest (Q2 2026): Operating cash flow −$7.3M, Capital spending $247K.

Capital allocation, year by year

Xtant Medical Holdings: where the cash came from (up) and went (down), by fiscal yearXtant Medical Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $439KFY2021: Net borrowing −$592KFY2021: Shares issued $18.4MFY2021: Asset sales $225KFY2021: Capital spending −$2.1M$19.1MFY2021FY2022: Operating cash flow −$5.3MFY2022: Net borrowing −$291KFY2022: Shares issued $9.3MFY2022: Asset sales $205KFY2022: Capital spending −$1.8M$9.5MFY2022FY2023: Operating cash flow −$9.5MFY2023: Net borrowing $6.2MFY2023: Shares issued $14.0MFY2023: Asset sales $175KFY2023: Capital spending −$1.5MFY2023: Acquisitions −$4.5M$20.4MFY2023FY2024: Operating cash flow −$11.9MFY2024: Net borrowing $12.4MFY2024: Shares issued $13KFY2024: Asset sales $383KFY2024: Capital spending −$4.1M$12.8MFY2024FY2025: Operating cash flow $12.5MFY2025: Net borrowing −$9.3MFY2025: Asset sales $232KFY2025: Capital spending −$2.4M$12.8MFY2025
Over these 5 years operating cash flow totalled −$13.8M; the largest uses were operating cash flow ($26.8M) and capital spending ($11.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$9.9M
Debt$7.3M
Net cash$2.6M
Due within a year$3.7M
Cash runway4 months

Xtant Medical Holdings is burning cash: its operations consume cash, a free cash flow of −$30.2M a year at the current rate against $9.9M of cash and investments: a runway of about 4 months; $3.7M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Where the cash came from and went

Xtant Medical Holdings: sources (+) and uses (−) of cash, Q2 2026Xtant Medical Holdings: sources (+) and uses (−) of cash, Q2 2026Net borrowing (+) / repaid (−)$10.6MOperating cash flow−$7.3MOther investing−$5.0MCash drawn (+) / kept (−)$1.9MCapital spending−$247KAsset & business sales$56KOther financing−$46KExchange rates$1K
Xtant Medical Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Xtant Medical Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing$15.4MOther financing−$12.0MCash drawn (+) / kept (−)−$3.2MCapital spending−$1.3MOperating cash flow$570KExchange rates$252KAsset & business sales$237KNet borrowing (+) / repaid (−)−$73K

From profit to cash

Xtant Medical Holdings: net income to operating cash flow, Q2 2026Xtant Medical Holdings: net income to operating cash flow, Q2 2026Net income−$9.4MDepreciation & amortization$508KStock-based pay$875KGains on disposals$19KReceivables−$2.5MInventory−$2.0MPayables$668KAccrued liabilities−$995KPrepaid and other assets−$450KOperating cash flow−$7.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20267230655323
Q1 20267531447342
Q4 20256222434251
Q3 20257333058345
Q2 20256532359329
Q1 20256027553282
Q4 20246023948251
Q3 20246932660335

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$7.3M−$247K$10.6M$1.9M−$7.6M
Q1 2026−$2.1M−$194K−$13.3M$5.2M−$2.3M
Q4 2025$5.4M−$395K−$3.5M−$6.7M$5.0M
Q3 2025$4.6M−$430K−$716K−$3.6M$4.2M
Q2 2025$1.3M−$366K$729K−$1.6M$910K
Q1 2025$1.3M−$1.2M−$876K$786K$87K
Q4 2024$665K−$672K−$783K$865K−$7K
Q3 2024−$1.7M−$2.1M$971K−$1.6M−$3.8M

Xtant Medical Holdings: income statement and cash flow

Xtant Medical Holdings, Q2 2026: revenue $23.0M (-35% year over year), operating margin -39.8%. The chart follows the revenue to costs, profit and cash.

Xtant Medical Holdings: 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.