Persistent free cash flow deficits, which reached -25.5% of revenue in 2026Q1, highlight the ongoing challenge of funding commercialization through internal operations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 |
|---|
| Cash from Operations | -7.45M | -7.23M | -6.68M | -8.52M | -9.24M | -6.79M | -3.88M | -2.38M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating CF Margin % | - | -20.94% | -26.54% | -67.25% | -168.08% | -323.22% | -978.54% | -1093.12% | - | - | - | - | - | - |
| Operating CF Growth % | -64.55% | -8.11% | 21.57% | 7.78% | -36.02% | -75.33% | -62.61% | - | - | - | - | - | - | - |
| Net Income | -11.44M | -11.13M | -12.91M | -12.56M | -11.24M | -9.83M | -6.58M | -5.31M | -5.13M | -163.83K | -99.8K | -129.61K | -201.01K | -70.66K |
| Depreciation & Amortization | 1.65M | 1.62M | 1.25M | 840K | 712K | 385.58K | 288K | 324K | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 148K | 597K | 601K | 563K | 1.35M | 3.37M | 1.38M | 456K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.14M | 3.63M | 4.93M | 1.88M | 239K | -627K | 1.27M | 1.47M | 5.13M | 163.83K | 99.8K | 129.61K | 201.01K | 70.66K |
| Working Capital Changes | -1.95M | -1.94M | -555K | 755K | -308K | -96K | -232K | 674K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Receivables | -969.55K | -1.1M | -594K | -22K | -588K | -266K | -73K | -36K | 0 | -1.41K | -99 | 2.35K | -3.91K | 0 |
| Change in Inventory | -970.85K | -904K | -1.19M | -1.09M | -450K | -828K | -49K | 80K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.63M | 0 | 1.04M | 0 | 730K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.3M | -2.37M | -3.03M | -1.47M | -1.26M | -1.64M | -173K | -34K | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | -2.29M | -2.35M | -2.83M | -1.47M | -1.26M | -1.64M | -173K | -34K | 0 | -21.5K | -18.87K | -34.02K | -26.2K | -10.93K |
| CapEx % of Revenue | 6.51% | 6.82% | 11.26% | 11.63% | 22.84% | 78.02% | 43.69% | 15.6% | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.01M | -10K | -192K | 0 | 0 | 0 | 0 | 0 | 0 | 21.5K | 18.87K | 33.95K | 26.2K | 10.93K |
| Cash from Financing | 26.65M | 30.19M | 6.78M | 13.56M | 8.14M | 10.77M | 4.93M | 2.12M | 2.23M | 435.13K | 73.28K | 167.21K | 95.02K | 120.11K |
| Debt Issued (Net) | 2.86M | 5.25M | 2.04M | 13.15M | 7.66M | -332K | 457K | 1.66M | 0 | 16.47K | 73.28K | 15.93K | 87.32K | 0 |
| Equity Issued (Net) | 25.19M | 25.1M | 4.33M | 534.17K | 877K | 7.47M | 4.47M | 742K | 0 | 453.06K | 0 | 163.92K | 30.15K | 120.11K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.39M | -159K | 408K | -131.17K | -397K | 3.64M | 0 | -251.72K | 2.23M | -34.4K | 0 | -12.64K | -22.45K | 0 |
| Net Change in Cash | 15.77M | 20.64M | -2.96M | 3.62M | -2.38M | 2.33M | 872K | -288K | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -9.74M | -9.58M | -9.52M | -10M | -10.5M | -8.43M | -4.05M | -2.42M | 0 | 0 | 0 | 0 | 0 | 0 |
| FCF Margin % | -27.71% | -27.76% | -37.79% | -78.88% | -190.92% | -401.24% | -1022.22% | -1108.72% | - | - | - | - | - | - |
| FCF Growth % | 5.8% | -0.65% | 4.77% | 4.77% | -24.46% | -108.35% | -67.48% | - | - | - | - | - | - | - |
| FCF per Share | -0.43 | -0.52 | -0.59 | -0.74 | -0.80 | -0.68 | -0.42 | -0.82 | - | - | - | - | - | - |
| FCF Conversion (FCF/Net Income) | 0.85x | 0.65x | 0.52x | 0.68x | 0.82x | 0.69x | 0.59x | 0.45x | - | - | - | - | - | - |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 533 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operating Cash Burn
As reported in recent financial filings, the company's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating between 0.24 and 1.39, suggesting that accounting accruals and non-cash adjustments play a significant role in masking the underlying cash-generative capacity of the core business.
The persistent gap between net income and operating cash flow indicates that reported earnings are not currently supported by cash inflows from operations. Investors should monitor whether this divergence is driven by aggressive revenue recognition or simply the timing of working capital requirements as the company scales its VINIA brand.
Based on the latest quarterly data, the company continues to experience a persistent free cash flow deficit, with FCF margins remaining deeply negative at -25.5% in 2026Q1, reflecting the ongoing challenge of funding high-growth commercialization efforts through internal cash generation rather than external financing.
The trajectory of free cash flow suggests that the company remains in a capital-intensive growth phase where operational outflows consistently exceed the cash generated by product sales. This trend warrants further investigation into whether the CDMO segment can eventually provide the margin expansion necessary to reach cash flow neutrality.
According to historical cash flow statements, the company maintains a capital expenditure intensity that peaked at 28.3% of revenue in 2024Q2, highlighting the significant investment required to expand bioreactor capacity and maintain the proprietary cell-growth infrastructure essential for long-term production scalability.
The variability in CapEx/Revenue ratios suggests that management is timing infrastructure investments to match anticipated demand, though this creates lumpy cash outflows. Analysts should interpret these expenditures as necessary costs to secure the company's competitive moat rather than discretionary spending.
As evidenced by the quarterly cash flow data, working capital changes have been highly erratic, swinging from a $349.5K inflow in 2025Q2 to a $1.5M outflow in 2025Q4, which suggests that inventory management and collection cycles remain sensitive to the company's rapid commercial scaling.
The volatility in working capital appears to be a byproduct of the company's transition from R&D to a commercial DTC model. Investors should monitor these fluctuations closely, as they may indicate potential inefficiencies in managing inventory levels for the VINIA brand or delays in converting sales to cash.
Based on reported figures, the cash flow statement obscures the true extent of the burn rate by excluding significant stock-based compensation and capitalized development costs, which, if treated as cash expenses, would likely reveal a more strained liquidity position than the headline numbers suggest.
The reliance on non-cash adjustments to bridge the gap between net income and operating cash flow may lead to an overestimation of the company's self-funding capabilities. A deeper look at the cash flow statement reveals that the company is effectively subsidizing its operations through equity-linked incentives and accounting treatments.
Quick answers to the most common questions about buying BHST stock.
BioHarvest Sciences Inc. Common Stock (BHST) generated $-7.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BioHarvest Sciences Inc. Common Stock (BHST) reported negative free cash flow of $9.6M in 2025, indicating capital requirements exceeded cash from operations.
BioHarvest Sciences Inc. Common Stock (BHST) spent $2.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.