Heart Test Laboratories, Inc. (HSCS) Cash Flow Statement
Where HSCS’s cash came from and went, FY2026
April 30, 2026 · U.S. dollars- Cash from operations
- −$7.4M
- Capital expenditures
- $44,452 1,029.2% of revenue
- Free cash flow
- −$7.5M −172,983.5% margin
- Returned to shareholders
- —
- Change in cash
- $558,716 cash at year-end $1.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HSCS operating cash flow, capex and free cash flow
HSCS cash flow trends, FY2020–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$3.8MFY2020 | −$7.4MFY2026 | — | |
| Capital expenditures | $11,424FY2020 | $44,452FY2026 | +25.4%/yr | |
| Free cash flow | −$3.9MFY2020 | −$7.5MFY2026 | — | |
| Free cash flow margin | −6,000.8%FY2020 | −172,983.5%FY2026 | −166,982.8 pts | |
| Stock-based compensation | $135,067FY2020 | $1.3MFY2026 | +46.1%/yr | |
| Capex / revenue | 17.8%FY2020 | 1,029.2%FY2026 | +1,011.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HSCS cash flow by activity
HSCS net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HSCS cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$9.1M | −$8.8M | −$6.6M | −$6.4M | −$4.8M | −$2.5M | −$3.8M |
| Depreciation & amortization | $131,350 | $127,956 | $95,133 | $135,453 | $26,566 | $33,611 | $63,827 |
| Stock-based compensation | $1.3M | $249,884 | $405,025 | $248,307 | $68,396 | $24,675 | $135,067 |
| Change in working capital | −$1.1M | $517,888 | −$504,363 | $65,446 | $1.1M | $190,127 | −$195,965 |
| Other non-cash items | $1.4M | $456,507 | $539,228 | $131,507 | −$35,591 | −$248,537 | −$31,806 |
| Cash from operating activities | −$7.4M | −$7.4M | −$6.1M | −$5.8M | −$3.6M | −$2.5M | −$3.8M |
| Investing activities | |||||||
| Capital expenditures | −$44,452 | −$30,188 | −$125,271 | −$18,308 | −$1,932 | −$712 | −$11,424 |
| Investments (net) | — | −$30,188 | −$125,271 | −$18,308 | −$1,932 | −$712 | $8,167 |
| Acquisitions & other investing | $0 | $30,188 | $125,271 | $18,308 | $1,932 | $712 | $11,424 |
| Cash from investing activities | −$44,452 | −$30,188 | −$125,271 | −$18,308 | −$1,932 | −$712 | $8,167 |
| Financing activities | |||||||
| Net borrowing (repayment) | $2.3M | $1.6M | $42,624 | −$398,260 | $4.2M | $2.5M | $633,791 |
| Shares issued | $5.7M | $1.1M | $10.3M | $5.6M | $5.2M | $200,000 | $1.2M |
| Other financing | $0 | $0 | $0 | $1.3M | −$5.6M | $0 | $0 |
| Cash from financing activities | $8.0M | $2.7M | $10.3M | $6.5M | $3.8M | $2.7M | $1.8M |
| Summary | |||||||
| Net change in cash | $558,716 | −$4.7M | $4.1M | $742,207 | $194,779 | $226,628 | −$2.0M |
| Cash at end of period | $1.7M | $1.1M | $5.8M | $1.7M | $918,260 | $723,481 | $496,853 |
| Free cash flow | −$7.5M | −$7.4M | −$6.2M | −$5.8M | −$3.6M | −$2.5M | −$3.9M |
| Free cash flow margin | −172,983.5% | −171,107.6% | −33,308.9% | −112,463.8% | −25,367.5% | −9,580.6% | −6,000.8% |
| Capex / revenue | 1,029.2% | 694.0% | 673.5% | 355.5% | 13.4% | 2.8% | 17.8% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$3.17B | −$2.8M | −$2.0M | −$2.4M | −$2.1M | −$2.1M | −$2.5M | −$2.1M | −$2.1M | −$1.8M | −$1.6M | −$1.7M |
| Depreciation & amortization | $34,528 | $34,000 | $33,238 | $32,435 | $31,675 | $31,261 | $28,967 | $34,410 | $33,318 | $76,442 | $23,805 | $14,531 |
| Stock-based compensation | $738.9M | $324,841 | $376,100 | $436,884 | $174,558 | $95,945 | $54,824 | $44,561 | $54,554 | $78,447 | $96,092 | $105,840 |
| Change in working capital | $727,355 | −$133,919 | $13,296 | −$746,270 | −$214,556 | $105,943 | $722,467 | −$245,573 | −$64,949 | $54,899 | −$700,794 | $424,330 |
| Other non-cash items | $1.11B | $849,434 | $100,048 | $293,454 | $109,950 | $270,541 | $109,950 | $65,970 | $10,046 | $100,000 | $123,738 | $215,490 |
| Cash from operating activities | −$1.32B | −$1.7M | −$1.5M | −$2.3M | −$2.0M | −$1.6M | −$1.6M | −$2.2M | −$2.0M | −$1.5M | −$2.1M | −$988,187 |
| Investing activities | ||||||||||||
| Capital expenditures | −$280,107 | −$19.0M | −$27,868 | −$15,770 | −$814 | −$7,812 | −$15,701 | −$5,842 | −$833 | −$109,615 | −$49,181 | −$1,952 |
| Investments (net) | — | — | — | — | −$814 | −$7,812 | −$15,701 | −$5,842 | −$833 | −$109,615 | −$8,794 | −$1,952 |
| Acquisitions & other investing | −$279.8M | −$3.6M | $0 | $0 | $814 | $7,812 | $15,701 | $5,842 | $833 | $109,615 | $8,794 | $1,952 |
| Cash from investing activities | −$280.1M | −$22.6M | −$27,868 | −$15,770 | −$814 | −$7,812 | −$15,701 | −$5,842 | −$833 | −$109,615 | −$49,181 | −$1,952 |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | $0 | −$63,673 | $2.9M | −$464,824 | −$100,000 | −$71,248 | −$71,249 | $1.7M | $0 | — | — | — |
| Shares issued | $10,233 | $0 | $0 | $1.9M | $3.8M | $171,276 | $251,436 | $121,120 | $603,746 | $451,182 | $9.2M | $279,944 |
| Other financing | −$28.0M | $0 | $0 | $48,062 | −$48,062 | $0 | $0 | $52,063 | −$52,063 | −$74,040 | −$50,433 | $234,685 |
| Cash from financing activities | −$27.9M | −$63,673 | $2.9M | $1.5M | $3.6M | $100,028 | $180,187 | $1.9M | $551,683 | $377,142 | $9.1M | $514,629 |
| Summary | ||||||||||||
| Net change in cash | −$1.63B | −$1.7M | $1.4M | −$841,128 | $1.7M | −$1.5M | −$1.5M | −$287,658 | −$1.5M | −$1.3M | $7.0M | −$475,510 |
| Cash at end of period | $29.9M | $1.7M | $3.4M | $2.0M | $2.8M | $1.1M | $2.6M | $4.1M | $4.3M | $5.8M | $7.1M | $100,144 |
| Free cash flow | −$1.32B | −$1.7M | −$1.5M | −$2.4M | −$2.0M | −$1.6M | −$1.6M | −$2.2M | −$2.0M | −$1.6M | −$2.2M | −$990,139 |
| Free cash flow margin | −62,802,809.5% | −1.9% | — | −97,149.1% | −102,851.6% | −36,746.0% | — | — | — | — | −14,626.9% | −25,388.2% |
| Capex / revenue | 13,338.4% | 21.3% | — | 651.9% | 42.8% | 179.6% | — | — | — | — | 334.6% | 50.1% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
HSCS cash generation
In fiscal 2026 (ended April 30, 2026), Heart Test Laboratories generated -$7.4 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$7.5 million, −172,983.5% of revenue. Cash and equivalents rose by $0.6 million over the year.
Related: HSCS income statement, HSCS balance sheet. See the HSCS stock overview for the latest quote and news.
HSCS cash flow FAQ
What is Heart Test Laboratories's free cash flow?
Heart Test Laboratories's free cash flow was -$7.5 million in fiscal 2026: -$7.4 million of operating cash flow minus $0.0 million of capital expenditures It was -$7.4 million a year earlier..
How much cash does Heart Test Laboratories generate from operations?
Heart Test Laboratories generated -$7.4 million of cash from operating activities in fiscal 2026.
How much does Heart Test Laboratories spend on capital expenditures?
Heart Test Laboratories spent $0.0 million on capital expenditures in fiscal 2026, 1,029.2% of revenue, compared with $0.0 million the year before.