Modular Medical, Inc. (MODD) Cash Flow Statement
Where MODD’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- −$23.8M
- Capital expenditures
- $3.9M
- Free cash flow
- −$27.7M
- Returned to shareholders
- —
- Change in cash
- −$6.2M cash at year-end $6.9M
Cash from operations
−$23.8M
Capital expenditures
−$3.9M
Shares issued
+$17.6M
Other financing
+$4.0M
Change in cash
−$6.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MODD operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
MODD cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$94,810FY2017 | −$23.8MFY2026 | — | |
| Capital expenditures | $15,119FY2017 | $3.9MFY2026 | +85.5%/yr | |
| Free cash flow | −$94,810FY2017 | −$27.7MFY2026 | — | |
| Stock-based compensation | $532,108FY2019 | $1.8MFY2026 | +18.8%/yr | |
| Share buybacks (net) | $14,098FY2017 | $14,098FY2018 | 0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MODD cash flow by activity
OperatingInvestingFinancingChange in cash
MODD net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MODD cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$28.2M | −$18.8M | −$17.5M | −$13.9M | −$18.63B | −$7.4M | −$5.3M | −$2.5M | −$659,246 | −$106,559 |
| Depreciation & amortization | $1.7M | $1.1M | $426,000 | $152,000 | $117,490 | $181,841 | $35,431 | $14,468 | $1,861 | $1,861 |
| Stock-based compensation | $1.8M | $2.4M | $2.7M | $2.7M | $4.03B | $1.2M | $801,244 | $532,108 | — | — |
| Change in working capital | $194,000 | −$392,000 | −$94,000 | −$211,824 | −$65.7M | −$61,147 | $389,359 | $165,188 | −$133,746 | $11,749 |
| Other non-cash items | $845,000 | $52,000 | $485,000 | $203,116 | $4.41B | $121,042 | $0 | $19,800 | $0 | −$1,861 |
| Cash from operating activities | −$23.8M | −$15.7M | −$14.0M | −$11.0M | −$10.26B | −$5.9M | −$4.1M | −$1.8M | −$791,131 | −$94,810 |
| Investing activities | ||||||||||
| Capital expenditures | −$3.9M | −$2.5M | −$1.7M | −$1.6M | −$54.8M | −$109,669 | −$260,789 | −$77,124 | −$15,332 | −$15,119 |
| Investments (net) | — | −$2.5M | −$1.7M | −$1.6M | −$54,764 | −$109,669 | −$260,789 | −$77,124 | −$15,332 | $0 |
| Acquisitions & other investing | $0 | $2.5M | $1.7M | $1.6M | $54,764 | $109,669 | $260,789 | $77,124 | $15,332 | −$213 |
| Cash from investing activities | −$3.9M | −$2.5M | −$1.7M | −$1.6M | −$54.8M | −$109,669 | −$260,789 | −$77,124 | −$15,332 | −$15,332 |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | −$14,098 | −$14,098 |
| Net borrowing (repayment) | $0 | $0 | — | $0 | $4.1M | $2.6M | $2.6M | −$516 | −$20,740 | −$131,092 |
| Shares issued | $17.6M | $20.8M | $20.3M | $7.4M | $13.8M | $1.8M | $923,994 | $4.1M | $0 | $0 |
| Other financing | $4.0M | $1.3M | $742,000 | $0 | $17.90B | $0 | −$2.6M | $0 | $4.7M | $1.6M |
| Cash from financing activities | $21.5M | $22.1M | $21.1M | $7.4M | $17.92B | $4.4M | $923,994 | $4.1M | $4.7M | $1.5M |
| Summary | ||||||||||
| Net change in cash | −$6.2M | $3.9M | $5.4M | −$5.3M | $7.61B | −$1.7M | −$3.4M | $2.3M | $3.9M | $1.4M |
| Cash at end of period | $6.9M | $13.1M | $9.2M | $3.8M | $9.08B | $1.5M | $3.1M | $6.6M | $4.3M | $1.4M |
| Free cash flow | −$27.7M | −$18.2M | −$15.7M | −$12.6M | −$10.31B | −$6.0M | −$4.4M | −$1.9M | −$806,463 | −$94,810 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$6.5M | −$6.4M | −$7.4M | −$7.8M | −$6.7M | −$4.9M | −$4.8M | −$5.0M | −$4.1M | −$4.3M | −$5.3M | −$4.2M |
| Depreciation & amortization | $501,000 | $441,000 | $430,000 | $391,000 | $410,000 | $326,000 | $281,000 | $260,000 | $196,000 | $143,000 | $130,000 | $95,000 |
| Stock-based compensation | $447,000 | −$293,000 | $534,000 | $813,000 | $724,000 | $374,000 | $419,000 | $1.1M | $535,000 | $658,000 | $995,000 | $564,000 |
| Change in working capital | −$156,000 | −$282,000 | −$891,000 | $1.2M | $194,000 | −$87,000 | −$14,000 | −$143,000 | −$148,000 | −$26,000 | −$300,000 | $241,000 |
| Other non-cash items | −$278,000 | $709,000 | $132,000 | $2,000 | $2,000 | $4,000 | $22,000 | $20,000 | $6,000 | $3,000 | $479,000 | $6,000 |
| Cash from operating activities | −$6.0M | −$5.8M | −$7.2M | −$5.4M | −$5.4M | −$4.3M | −$4.1M | −$3.8M | −$3.5M | −$3.5M | −$4.0M | −$3.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$688,000 | −$1.0M | −$1.2M | −$771,000 | −$934,000 | −$948,000 | −$542,000 | −$161,000 | −$842,000 | −$483,000 | −$499,000 | −$345,000 |
| Investments (net) | — | — | — | −$771,000 | −$934,000 | −$948,000 | −$542,000 | −$161,000 | −$842,000 | −$483,000 | −$499,000 | −$345,000 |
| Acquisitions & other investing | $0 | $0 | $0 | $771,000 | $934,000 | $948,000 | $542,000 | $161,000 | $842,000 | $483,000 | $499,000 | $345,000 |
| Cash from investing activities | −$688,000 | −$1.0M | −$1.2M | −$771,000 | −$934,000 | −$948,000 | −$542,000 | −$161,000 | −$842,000 | −$483,000 | −$499,000 | −$345,000 |
| Financing activities | ||||||||||||
| Shares issued | $3.7M | $10.8M | $6.0M | $4,000 | $728,000 | $11.4M | $7.5M | $1.9M | $0 | $10.6M | $0 | $0 |
| Other financing | −$26,000 | $0 | $0 | $4.0M | $5,000 | $0 | $196,000 | $845,000 | $210,000 | $561,000 | $181,000 | $0 |
| Cash from financing activities | $3.6M | $10.8M | $6.0M | $4.0M | $733,000 | $11.4M | $7.7M | $2.8M | $210,000 | $11.2M | $181,000 | $0 |
| Summary | ||||||||||||
| Net change in cash | −$3.0M | $4.0M | −$2.4M | −$2.2M | −$5.6M | $6.1M | $3.1M | −$1.2M | −$4.2M | $7.2M | −$4.3M | −$3.6M |
| Cash at end of period | $3.9M | $6.9M | $2.9M | $5.3M | $7.5M | $13.1M | $7.0M | $3.9M | $5.1M | $9.2M | $2.0M | $6.3M |
| Free cash flow | −$6.7M | −$6.8M | −$8.4M | −$6.2M | −$6.3M | −$5.3M | −$4.6M | −$3.9M | −$4.4M | −$4.0M | −$4.5M | −$3.6M |
| Free cash flow margin | — | — | — | — | — | — | — | — | — | −441.9% | — | — |
| Capex / revenue | — | — | — | — | — | — | — | — | — | 53.5% | — | — |
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.
MODD cash generation
In fiscal 2026 (ended March 31, 2026), Modular Medical generated -$23.8 million of cash from operations and spent $3.9 million on capital expenditures, leaving free cash flow of -$27.7 million. Cash and equivalents fell by $6.2 million over the year.
Related: MODD income statement, MODD balance sheet. See the MODD stock overview for the latest quote and news.
MODD cash flow FAQ
What is Modular Medical's free cash flow?
Modular Medical's free cash flow was -$27.7 million in fiscal 2026: -$23.8 million of operating cash flow minus $3.9 million of capital expenditures It was -$18.2 million a year earlier..
How much cash does Modular Medical generate from operations?
Modular Medical generated -$23.8 million of cash from operating activities in fiscal 2026.
How much does Modular Medical spend on capital expenditures?
Modular Medical spent $3.9 million on capital expenditures in fiscal 2026, compared with $2.5 million the year before.