Beyond Air, Inc. (XAIR) Cash Flow Statement
Where XAIR’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- −$18.1M
- Capital expenditures
- $1.0M 13.3% of revenue
- Free cash flow
- −$19.2M −249.6% margin
- Returned to shareholders
- —
- Change in cash
- $7.5M cash at year-end $12.4M
Cash from operations
−$18.1M
Capital expenditures
−$1.0M
Investments (net)
−$2.6M
Net borrowing (repayment)
+$13.8M
Shares issued
+$13.3M
Other financing
+$2.0M
Currency & other
+$194,000
Change in cash
$7.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
XAIR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
XAIR cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$692,000FY2017 | −$18.1MFY2026 | — | |
| Capital expenditures | $7,000FY2017 | $1.0MFY2026 | +74.0%/yr | |
| Free cash flow | −$692,000FY2017 | −$19.2MFY2026 | — | |
| Free cash flow margin | 16.6%FY2019 | −249.6%FY2026 | −266.3 pts | |
| Stock-based compensation | $365,000FY2017 | $5.3MFY2026 | +34.6%/yr | |
| Dividends paid | $522,478FY2020 | $11.1MFY2022 | +361.7%/yr | |
| Share buybacks (net) | $25,000FY2018 | $0FY2024 | −100.0% | |
| Capex / revenue | 0.7%FY2019 | 13.3%FY2026 | +12.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
XAIR cash flow by activity
OperatingInvestingFinancingChange in cash
XAIR 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).
XAIR cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$33.2M | −$48.5M | −$60.2M | −$59.4M | −$44.1M | −$22.9M | −$19.9M | −$6.6M | −$18.0M | −$3.7M |
| Depreciation & amortization | $3.6M | $3.6M | $2.4M | $1.2M | $352,000 | $211,000 | $159,403 | $64,787 | $38,000 | $25,000 |
| Stock-based compensation | $5.3M | $9.1M | $21.3M | $19.6M | $7.8M | $4.9M | $3.6M | $2.4M | $4.4M | $365,000 |
| Change in working capital | $2.3M | −$6.2M | −$16.0M | $5.4M | $11.8M | −$1.2M | −$1.1M | $2.1M | −$464,000 | $980,000 |
| Other non-cash items | $3.8M | $3.7M | −$3.4M | $271,000 | $909,000 | −$666,000 | $2.1M | $3.3M | $7.0M | $1.7M |
| Cash from operating activities | −$18.1M | −$38.2M | −$56.0M | −$33.0M | −$23.1M | −$19.6M | −$15.2M | $1.3M | −$7.1M | −$692,000 |
| Investing activities | ||||||||||
| Capital expenditures | −$1.0M | −$5.9M | −$5.7M | −$3.9M | −$1.4M | −$890,000 | −$43,631 | −$56,475 | −$244,000 | −$7,000 |
| Investments (net) | −$2.6M | $14.9M | −$12.2M | −$16.7M | −$1.4M | −$890,407 | $4.5M | −$1.8M | −$1.1M | −$603,857 |
| Acquisitions & other investing | $0 | $5.9M | $5.7M | $1,000 | $1.4M | $890,407 | $0 | $56,475 | $244,000 | $624,857 |
| Cash from investing activities | −$3.7M | $14.9M | −$12.2M | −$20.6M | −$1.4M | −$890,000 | $4.4M | −$1.8M | −$1.1M | $14,000 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | −$11.1M | — | −$522,478 | — | — | — |
| Share repurchases & issuance (net) | — | — | $14.6M | $3.7M | $11.1M | $30.1M | $522,478 | $0 | −$25,000 | — |
| Net borrowing (repayment) | $13.8M | −$6.7M | $15.0M | −$1.0M | $371,000 | $221,156 | $5.1M | $263,604 | −$402,871 | $560,000 |
| Shares issued | $13.3M | $23.0M | $28.0M | $3.7M | $72.8M | $30.1M | $25.8M | $799,185 | $0 | $0 |
| Other financing | $2.0M | $365,000 | −$14.4M | −$3.7M | $6.3M | −$30.1M | $4.1M | $8,701 | $9.9M | −$4,000 |
| Cash from financing activities | $29.1M | $16.6M | $43.2M | $2.7M | $79.5M | $30.3M | $34.9M | $1.1M | $9.5M | $556,000 |
| Summary | ||||||||||
| Net change in cash | $7.5M | −$6.7M | −$27.7M | −$50.9M | $55.0M | $9.8M | $24.1M | $618,903 | $1.2M | −$122,000 |
| Cash at end of period | $12.4M | $4.9M | $11.6M | $36.8M | $90.2M | $35.3M | $25.5M | $1.4M | $1.2M | $7,000 |
| Free cash flow | −$19.2M | −$44.1M | −$61.8M | −$36.9M | −$24.6M | −$20.5M | −$15.2M | $1.3M | −$7.4M | −$692,000 |
| Free cash flow margin | −249.6% | −1,190.3% | −5,328.7% | −62,518.6% | −16,931.6% | −2,351.5% | −1,096.0% | 16.6% | — | — |
| Capex / revenue | 13.3% | 158.8% | 495.7% | 6,571.2% | 998.0% | 101.9% | 3.1% | 0.7% | — | — |
| 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 | −$8.2M | −$10.1M | −$7.9M | −$8.3M | −$8.1M | −$8.1M | −$13.0M | −$14.0M | −$12.2M | −$14.6M | −$16.2M | −$16.2M |
| Depreciation & amortization | $920,000 | $915,000 | $892,000 | $916,000 | $926,000 | $939,000 | $856,000 | $946,000 | $830,000 | $737,000 | $656,000 | $508,000 |
| Stock-based compensation | $1.0M | −$1.3M | $3.3M | $1.8M | $1.6M | $158,000 | $2.5M | $3.1M | $3.4M | $2.3M | $6.4M | $6.5M |
| Change in working capital | $15,000 | $1.0M | $261,000 | $410,000 | $645,000 | −$1.1M | $67,000 | −$4.6M | −$557,000 | −$838,000 | −$3.8M | −$3.6M |
| Other non-cash items | $1.2M | $4.5M | −$702,000 | $704,000 | $404,000 | $1.1M | $1.9M | $1.2M | −$1.6M | $1.6M | −$934,001 | −$1.4M |
| Cash from operating activities | −$4.9M | −$4.9M | −$4.2M | −$4.5M | −$4.5M | −$7.0M | −$7.7M | −$13.3M | −$10.2M | −$10.7M | −$13.8M | −$14.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$208,000 | −$547,000 | −$34,000 | −$246,000 | −$198,000 | −$1.5M | −$537,000 | −$1.2M | −$2.7M | −$1.9M | −$1.3M | −$1.7M |
| Investments (net) | $597,000 | $100,000 | −$4.0M | $240,000 | $576,000 | $2.6M | −$6.9M | $16.1M | $3.1M | −$1.7M | $853,000 | −$1.8M |
| Acquisitions & other investing | $72,000 | $0 | $0 | $246,000 | $198,000 | $1.5M | $537,000 | $1.2M | $2.7M | $1.9M | $1.3M | $1.7M |
| Cash from investing activities | $461,000 | −$447,000 | −$4.0M | $240,000 | $576,000 | $2.6M | −$6.9M | $16.1M | $3.1M | −$1.7M | $853,000 | −$1.8M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | $14.6M | — | — |
| Net borrowing (repayment) | −$170,000 | $401,000 | $12.0M | −$234,000 | $1.6M | $626,000 | −$9.1M | $2.0M | — | — | — | — |
| Shares issued | $3.2M | $4.5M | $200,000 | $6.2M | $2.4M | $3.5M | $0 | $19.5M | $0 | $15.8M | $5.7M | $470,000 |
| Other financing | $0 | $0 | −$995,000 | $3.0M | $0 | $365,000 | −$86,000 | $86,000 | −$264,000 | −$14.5M | −$451,000 | −$1,000 |
| Cash from financing activities | $3.1M | $4.9M | $11.2M | $8.9M | $4.1M | $4.5M | −$9.2M | $21.6M | −$264,000 | $15.9M | $5.2M | $469,000 |
| Summary | ||||||||||||
| Net change in cash | −$1.4M | −$468,000 | $3.0M | $4.7M | $243,000 | $63,000 | −$23.8M | $24.3M | −$7.2M | $3.4M | −$10.2M | −$15.7M |
| Cash at end of period | $10.9M | $12.4M | $12.8M | $9.9M | $5.1M | $4.9M | $4.8M | $28.7M | $4.4M | $11.6M | $8.2M | $18.4M |
| Free cash flow | −$5.2M | −$5.5M | −$4.3M | −$4.7M | −$4.7M | −$8.5M | −$8.3M | −$14.5M | −$12.9M | −$12.7M | −$15.2M | −$16.0M |
| Free cash flow margin | −291.5% | −288.0% | −193.8% | −258.5% | −268.4% | −733.9% | −771.5% | −1,819.9% | −1,881.8% | −2,692.8% | −3,876.0% | −6,694.6% |
| Capex / revenue | 11.8% | 28.7% | 1.5% | 13.5% | 11.2% | 130.0% | 50.1% | 147.2% | 391.4% | 410.9% | 341.9% | 703.8% |
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.
XAIR cash generation
In fiscal 2026 (ended March 31, 2026), Beyond Air generated -$18.1 million of cash from operations and spent $1.0 million on capital expenditures, leaving free cash flow of -$19.2 million, −249.6% of revenue. Cash and equivalents rose by $7.5 million over the year.
Related: XAIR income statement, XAIR balance sheet. See the XAIR stock overview for the latest quote and news.
XAIR cash flow FAQ
What is Beyond Air's free cash flow?
Beyond Air's free cash flow was -$19.2 million in fiscal 2026: -$18.1 million of operating cash flow minus $1.0 million of capital expenditures It was -$44.1 million a year earlier..
How much cash does Beyond Air generate from operations?
Beyond Air generated -$18.1 million of cash from operating activities in fiscal 2026.
How much does Beyond Air spend on capital expenditures?
Beyond Air spent $1.0 million on capital expenditures in fiscal 2026, 13.3% of revenue, compared with $5.9 million the year before.