SI-BONE Q3 revenue reaches $55.7M; net loss is $3.6M
2026 revenue and gross-margin guidance is unchanged, while expected operating-expense growth is reduced to approximately 10.5%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
SI-BONE, Inc. reported third-quarter 2026 worldwide revenue of $55.7 million, up 14.5% from $48.7 million a year earlier. U.S. revenue was $52.8 million, up 13.9%, with procedure volume up approximately 19.5%; international revenue was $2.9 million, up 27.0%. Gross margin was 79.3%, compared with 79.8%. Net loss improved 20.7% to $3.6 million, or $0.08 per diluted share, and adjusted EBITDA rose 32.4% to $3.0 million. Cash from operations was $5.9 million, an improvement of 154.4%; cash and equivalents were $146.3 million as of September 30, 2026.
The company reaffirmed 2026 revenue guidance of $231 million to $233 million, or approximately 15% to 16% growth, and gross-margin guidance of approximately 79.0%. It reduced expected operating-expense growth to approximately 10.5% at the revenue midpoint, from approximately 12.0%; adjusted EBITDA guidance remains positive. SI-BONE received 510(k) clearance for iFuse Granite Onyx in September. New MS-DRGs took effect in October for complex spinal fusion procedures incorporating iFuse Bedrock Granite, increasing average hospital inpatient payments by up to approximately $50,000 per qualifying procedure.
4 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointWorldwide revenue increased 14.5% to $55.7 million in Q3 2026.
- Moderate pointNet loss improved 20.7% to $3.6 million in Q3 2026.
- Moderate pointAdjusted EBITDA rose 32.4% to $3.0 million in Q3 2026.
- Moderate pointCash from operations increased 154.4% to $5.9 million.
Negative
- None.
Filing Explained
Nine-month free cash flow through September 30 remained negative at $4,634 thousand despite positive third-quarter operating cash flow.
This 8-K reports SI-BONE's completed third-quarter 2026 results, with the period-end balance sheet showing liquidity split between cash and short-term investments rather than cash alone. The release reports
The company defines free cash flow as net cash provided by operating activities less purchases of property and equipment. For the nine months ended
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Worldwide revenue: $55.7 million
U.S. revenue: $52.8 million
Net loss: $3.6 million
+5 more
8 metrics
Worldwide revenue
$55.7 million
Third quarter 2026; up 14.5% from the prior-year period
U.S. revenue
$52.8 million
Third quarter 2026; up 13.9% from the prior-year period
Net loss
$3.6 million
Third quarter 2026; 20.7% improvement from the prior-year period
Adjusted EBITDA
$3.0 million
Third quarter 2026; 32.4% improvement from the prior-year period
Cash from operations
$5.9 million
Third quarter 2026; improvement of 154.4%
Cash and equivalents
$146.3 million
As of September 30, 2026
2026 revenue guidance
$231 million to $233 million
Approximately 15% to 16% growth
Operating-expense growth guidance
Approximately 10.5%
Updated 2026 guidance at the revenue midpoint; prior guidance was approximately 12.0%
Key Terms
Adjusted EBITDA, free cash flow, 510(k) clearance, MS-DRGs
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA was $3.0 million in the third quarter 2026"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"Free cash flow is defined as net cash provided by operating activities less purchases of property and equipment"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
510(k) clearance regulatory
"received 510(k) clearance for iFuse Granite Onyx"
A 510(k) clearance is a U.S. regulatory approval that lets a medical device be sold because it is shown to be substantially similar to an already-legal device; think of it as a passport saying the new product is close enough to a known item to enter the market without a full, lengthy review. For investors, 510(k) clearance signals faster, lower-cost market access and reduced regulatory risk compared with new, untested device pathways, which can materially affect timelines, costs and revenue prospects.
MS-DRGs regulatory
"new MS-DRGs took effect for complex spinal fusion procedures"
A system that groups hospital inpatient stays into categories called Medicare Severity Diagnosis-Related Groups (MS-DRGs) based on patients' main diagnoses, procedures and complication levels. Each group has a set payment weight used by Medicare and other payers to determine how much hospitals are reimbursed, so changes in groupings or reimbursement rates act like changing the price list for hospital services and can materially affect hospital revenue and margins.
Earnings Snapshot
Worldwide revenue: $55.7 million · Guidance included
Third quarter 2026
Worldwide revenue
$55.7 million
Increased 14.5% from the prior-year period
Net loss
$3.6 million
Improved 20.7% from the prior-year period
Adjusted EBITDA
$3.0 million
Improved 32.4% from the prior-year period
Guidance
For fiscal 2026, worldwide revenue of $231 million to $233 million (approximately 15% to 16% growth), gross margin of approximately 79.0%, operating-expense growth of approximately 10.5% at the revenue midpoint, and positive adjusted EBITDA.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were SIBN’s revenue and net loss in Q3 2026?
SI-BONE reported worldwide revenue of $55.7 million for Q3 2026, up 14.5% from $48.7 million a year earlier. Net loss was $3.6 million, or $0.08 per diluted share, compared with $4.6 million, or $0.11 per diluted share, in Q3 2025.
What is SIBN’s 2026 revenue guidance?
SI-BONE reaffirmed 2026 worldwide revenue guidance of $231 million to $233 million, representing approximately 15% to 16% growth. Gross-margin guidance remains approximately 79.0%, and adjusted EBITDA guidance remains positive.
What market opportunity does SI-BONE estimate for iFuse Granite Onyx?
SI-BONE estimates an annual total addressable market of approximately $1.5 billion for iFuse Granite Onyx, which it describes as targeting failures in spine fusion procedures.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________________
FORM 8-K
____________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): November 2, 2026
____________________________________________________________________________
(Exact name of registrant as specified in its charter)
____________________________________________________________________________
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
(408 ) 207-0700
(Registrant’s telephone number, include area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 2, 2026, SI-BONE, Inc. (the “Company”) issued a press release (the “Press Release”) announcing results for the quarter ended September 30, 2026. A copy of the Press Release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
The information under Item 2.02 in this current report on Form 8-K and the related information in the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press Release dated November 2, 2026 | |||||||
| 104 | Cover Page Interactive Date File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SI-BONE, INC. | |||||||||||
| Date: | November 2, 2026 | By: | /s/ Anshul Maheshwari | ||||||||
| Anshul Maheshwari | |||||||||||
| Chief Operating Officer & Chief Financial Officer | |||||||||||
| (Principal Financial and Accounting Officer) | |||||||||||
Exhibit 99.1
SI-BONE, Inc. Reports Financial Results for the Third Quarter 2026 and Reaffirms 2026 Revenue Guidance
Delivered ~20% U.S. procedure volume growth in the third quarter
Third Quarter 2026 Financial Highlights (all comparisons are to the prior year period)
•Worldwide revenue of $55.7 million, representing growth of 14.5%
•U.S. revenue of $52.8 million, representing growth of 13.9%
•Gross margin of 79.3%
•Net loss of $3.6 million, representing an improvement of 20.7%
•Positive adjusted EBITDA of $3.0 million, representing an improvement of 32.4%
•Positive cash from operations of $5.9 million, representing an improvement of 154.4%
•$146.3 million in cash and equivalents
Recent Operational Highlights (any comparisons are to the prior year period)
•1,770 active U.S. physicians, representing growth of ~16%
•In September, received 510(k) clearance for iFuse Granite Onyx, a FDA breakthrough device targeting failures in spine fusion procedures, with an estimated total addressable market of ~$1.5 billion annually
•In October, new MS-DRGs took effect for complex spinal fusion procedures incorporating iFuse Bedrock Granite, increasing average hospital inpatient payments by up to ~$50,000 per qualifying procedure
SAN JOSE, Calif., November 2, 2026 - SI-BONE, Inc. (Nasdaq: SIBN), the global leader in developing procedural solutions to address clinical challenges associated with compromised bone, today reported financial results for the quarter ended September 30, 2026.
“Robust third-quarter growth in procedure volumes and active physicians underscores rising demand for our diversified and differentiated platform technologies,” said Laura Francis, Chief Executive Officer. “We enter the fourth quarter with a record number of active physicians, favorable DRG changes and exceptional early uptake in our alpha launch of iFuse Granite Onyx, our new platform technology that expands our estimated total addressable market to approximately $5 billion. These drivers position us for an excellent finish to 2026 and enter 2027 with the strongest foundation for growth acceleration in our company's history.”
Third Quarter 2026 Financial Results
Worldwide revenue was $55.7 million in the third quarter 2026, a 14.5% increase from $48.7 million in the corresponding period in 2025. U.S. revenue for the third quarter 2026 was $52.8 million, a 13.9% increase from $46.4 million in the corresponding period in 2025. U.S. revenue growth benefited from approximately 19.5% growth in procedure volume partially offset by lower average selling price due to procedure mix and the growing interventional spine physician demand for the INTRA platform in the office-based and ASC sites of care. International revenue for the third quarter 2026 was $2.9 million, a 27.0% increase from $2.3 million in the corresponding period in 2025. International revenue growth reflects the increasing adoption of iFuse TORQ and iFuse TORQ TNT.
Gross profit was $44.2 million in the third quarter 2026, an increase of 13.7% from $38.8 million in the corresponding period in 2025. Gross margin was 79.3% for the third quarter 2026, compared to 79.8% in the corresponding period in 2025 driven by procedure and site of care mix.
Operating expenses increased 9.7% to $48.5 million in the third quarter 2026, as compared to $44.2 million in the corresponding period in 2025. The increase was primarily driven by higher sales commissions on increased revenue, marketing to support new product launches and continued investment in research and development.
Operating loss improved by 19.2% to $4.4 million in the third quarter 2026, as compared to an operating loss of $5.4 million in the corresponding period in 2025.
Net loss improved by 20.7% to $3.6 million, or $0.08 per diluted share, in the third quarter 2026, as compared to a net loss of $4.6 million, or $0.11 per diluted share, in the corresponding period in 2025.
Adjusted EBITDA was $3.0 million in the third quarter 2026, improving from an adjusted EBITDA of $2.3 million in the corresponding period in 2025.
Cash and equivalents as of September 30, 2026 were $146.3 million, compared to $145.9 million as of June 30, 2026. Net cash generated was $0.4 million in the third quarter 2026, compared to $0.2 million in net cash generated during the corresponding period in 2025.
Updated Fiscal 2026 Outlook
SI-BONE reaffirms its previously issued 2026 worldwide revenue and gross margin guidance. Based on year to date operating expense trend the Company is reducing the operating expense growth expectation to 10.5%.
| Fiscal Year 2026 Guidance | ||||||||
| Updated (November 2, 2026) | Prior (August 3, 2026) | |||||||
| Revenue | $231M - $233M ~15-16% growth | $231M - $233M ~15-16% growth | ||||||
| Gross Margin | ~79.0% | ~79.0% | ||||||
| Operating Expenses | ~10.5% growth at revenue midpoint | ~12.0% growth at revenue midpoint | ||||||
| Adjusted EBITDA | Positive | Positive | ||||||
Webcast Information
SI-BONE will host a conference call to discuss the third quarter 2026 financial results after market close on Monday, November 2, 2026 at 4:30 P.M. Eastern Time. The conference call can be accessed live over webcast at https://edge.media-server.com/mmc/p/4chyjb8g/. Live audio of the webcast will be available on the “Investors” section of the company’s website at: www.si-bone.com. The webcast will be archived and available for replay for at least 90 days after the event.
About SI-BONE, Inc.
SI-BONE (NASDAQ: SIBN) is a global leader in developing procedural solutions to address clinical challenges associated with compromised bone. With expertise in biomechanical design and anatomy specific innovation, SI-BONE has built a technology platform with market-leading applications centered on the spinopelvic anatomy. SI-BONE continues to leverage the deep experience in addressing the challenges of low-density bone in the sacrum to develop unique technologies that are targeting new clinical adjacencies to help improve outcomes for patients with compromised bone. Since 2009, SI-BONE has supported physicians in over 160,000 procedures. A unique body of clinical evidence supports the use of SI-BONE's technologies, including four randomized controlled trials and nearly 200 peer-reviewed publications.
For additional information on the company or the products, including risks and benefits, please visit www.si-bone.com.
SI-BONE®, iFuse Bedrock Granite®, iFuse TORQ®, iFuse TORQ TNT®, iFuse Granite OnyxTM, and iFuse INTRA® are trademarks of SI-BONE, Inc. All other marks referenced herein are property of their respective owners. ©2026 SI-BONE, Inc. All Rights Reserved.
Forward-Looking Statements
The statements in this press release regarding expectations of future events or results, including SI-BONE’s expectations of continued revenue and procedure growth and financial outlook, are “forward-looking” statements. These forward-looking statements are based on SI-BONE’s current expectations and inherently involve significant risks and uncertainties. These risks include SI-BONE’s ability to introduce and commercialize new products and indications, SI-BONE’s ability to maintain favorable reimbursement for procedures using its products, the impact of any future economic weakness or deterioration in economic conditions as a result of tariffs and retaliation by U.S. trading partners on the ability and desire of patients to undergo elective procedures including those using SI-BONE’s products, SI-BONE’s ability to manage risks to its supply chain, future capital requirements driven by new surgical systems requiring instrument tray and implant inventory investment, and the pace of the re-normalization of the healthcare operating environment including the ability and desire of patients and physicians to undergo and perform procedures using SI-BONE’s products. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these and other risks and uncertainties, many of which are described in SI-BONE’s most recent filings on Form 10-K and Form 10-Q, and SI-BONE’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov), especially under the caption “Risk Factors.” SI-BONE does not undertake any obligation to update forward-looking statements and expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein, except as required by law.
Use of Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), SI-BONE uses two non-GAAP financial measures: Adjusted EBITDA and free cash flow. Non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. Adjusted EBITDA excludes the effect of items that increase or decrease SI-BONE’s reported results of operations. Free cash flow is not intended to represent our residual cash flow available for discretionary expenditures. Management
strongly encourages investors to review, when they become available, the company's consolidated financial statements and publicly filed reports in their entirety. The company's definition of adjusted EBITDA and free cash flow may differ from similarly titled measures used by others.
Adjusted EBITDA excludes from net loss the effects of interest income, interest expense, depreciation and amortization, and stock-based compensation. Free cash flow is defined as net cash provided by operating activities less purchases of property and equipment. SI-BONE believes the presentation of these financial measures is useful to management because it allows management to more consistently analyze period-to-period financial performance and provides meaningful supplemental information with respect to core operational activities used to evaluate management's performance. SI-BONE also believes the presentation of non-GAAP financial measures is useful to investors and other interested persons as it enables these persons to use this additional information to assess the company’s performance in using this additional metric that management uses to assess the company’s performance.
Investor Contact
Saqib Iqbal
VP, FP&A, and Investor Relations
investors@SI-BONE.com
SI-BONE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Revenue | $ | 55,704 | $ | 48,656 | $ | 164,302 | $ | 144,576 | |||||||||||||||
Cost of goods sold | 11,537 | 9,810 | 33,643 | 29,228 | |||||||||||||||||||
| Gross profit | 44,167 | 38,846 | 130,659 | 115,348 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
| Sales and marketing | 33,850 | 29,956 | 100,682 | 91,418 | |||||||||||||||||||
| Research and development | 4,562 | 4,242 | 13,975 | 13,085 | |||||||||||||||||||
| General and administrative | 10,106 | 10,031 | 30,252 | 30,712 | |||||||||||||||||||
Total operating expenses | 48,518 | 44,229 | 144,909 | 135,215 | |||||||||||||||||||
Loss from operations | (4,351) | (5,383) | (14,250) | (19,867) | |||||||||||||||||||
Interest and other income (expense), net: | |||||||||||||||||||||||
| Interest income | 1,348 | 1,515 | 4,030 | 4,627 | |||||||||||||||||||
| Interest expense | (608) | (670) | (1,798) | (1,998) | |||||||||||||||||||
| Other income (expense) | (9) | (28) | (24) | (22) | |||||||||||||||||||
Net loss | $ | (3,620) | $ | (4,566) | $ | (12,042) | $ | (17,260) | |||||||||||||||
Net loss per share, basic and diluted | $ | (0.08) | $ | (0.11) | $ | (0.27) | $ | (0.40) | |||||||||||||||
Weighted-average number of common shares used to compute basic and diluted net loss per share | 44,899,517 | 43,188,524 | 44,451,298 | 42,775,206 | |||||||||||||||||||
SI-BONE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 35,311 | $ | 42,240 | |||||||
| Short-term investments | 110,949 | 105,583 | |||||||||
| Accounts receivable | 31,469 | 29,915 | |||||||||
| Inventory | 42,354 | 33,897 | |||||||||
| Prepaid expenses and other current assets | 4,567 | 4,480 | |||||||||
| Total current assets | 224,650 | 216,115 | |||||||||
| Property and equipment, net | 25,304 | 21,298 | |||||||||
| Operating lease right-of-use assets | 6,613 | 1,087 | |||||||||
| Other non-current assets | 204 | 55 | |||||||||
| TOTAL ASSETS | $ | 256,771 | $ | 238,555 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
| Accounts payable | $ | 10,503 | $ | 4,631 | |||||||
| Accrued liabilities and other | 18,785 | 19,704 | |||||||||
| Operating lease liabilities, current portion | 331 | 944 | |||||||||
| Total current liabilities | 29,619 | 25,279 | |||||||||
| Long-term borrowings | 35,657 | 35,569 | |||||||||
| Operating lease liabilities, net of current portion | 6,813 | 175 | |||||||||
| TOTAL LIABILITIES | 72,089 | 61,023 | |||||||||
STOCKHOLDERS’ EQUITY | |||||||||||
| Common stock | 4 | 4 | |||||||||
Additional paid-in capital | 646,696 | 626,970 | |||||||||
Accumulated other comprehensive income | 282 | 816 | |||||||||
Accumulated deficit | (462,300) | (450,258) | |||||||||
| TOTAL STOCKHOLDERS’ EQUITY | 184,682 | 177,532 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 256,771 | $ | 238,555 | |||||||
SI-BONE, INC.
RECONCILIATION OF NET LOSS TO NON-GAAP ADJUSTED EBITDA
(In thousands)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net loss | $ | (3,620) | $ | (4,566) | $ | (12,042) | $ | (17,260) | ||||||||||||||||||
| Interest income | (1,348) | (1,515) | (4,030) | (4,627) | ||||||||||||||||||||||
| Interest expense | 608 | 670 | 1,798 | 1,998 | ||||||||||||||||||||||
| Depreciation and amortization | 1,693 | 1,486 | 4,989 | 4,132 | ||||||||||||||||||||||
| Stock-based compensation | 5,713 | 6,226 | 17,717 | 19,547 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 3,046 | $ | 2,301 | $ | 8,432 | $ | 3,790 | ||||||||||||||||||
SI-BONE, INC.
RECONCILIATION OF FREE CASH FLOW
(In thousands)
(unaudited)
Nine Months Ended September 30, | ||||||||||||||
2026 | 2025 | |||||||||||||
| Net cash provided by (used in) operating activities | $ | 4,355 | $ | (2,403) | ||||||||||
| Less: | ||||||||||||||
| Purchases of property and equipment | (8,989) | (7,126) | ||||||||||||
| Free cash flow | $ | (4,634) | $ | (9,529) | ||||||||||