HARVARD BIOSCIENCE INC
For the period ended Dec 31, 2025. Filed Mar 13, 2026.
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FY2025 · Filed Mar 13, 2026
HBIO$9.26+1.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| HARVARD BIOSCIENCE, INC. | ||
|---|---|---|
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| (In thousands) | ||
| Year Ended December 31, | ||
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(56,700) | $(12,405) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Depreciation | 1,743 | 1,727 |
| Amortization of intangible assets | 4,202 | 5,430 |
| Goodwill impairment - Note 5 | 47,951 | - |
| Amortization of deferred financing costs | 1,322 | 327 |
| Stock-based compensation | 1,855 | 4,340 |
| Deferred income taxes and other | (680) | 363 |
| Loss on pension settlement - Note 8 | 1,233 | - |
| Loss on extinguishment of debt | 130 | - |
| Loss on equity securities - Note 12 | - | 1,593 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (934) | 974 |
| Inventories | 2,947 | (64) |
| Other assets | 1,521 | 1,642 |
| Accounts payable and other liabilities | 2,300 | (1,785) |
| Contract liabilities | (161) | (702) |
| Net cash provided by operating activities | 6,729 | 1,440 |
| Cash flows from investing activities: | ||
| Additions to property, plant and equipment | (1,258) | (2,644) |
| Capitalized software development costs | (605) | (619) |
| Proceeds from sale of marketable equity securities | - | 1,919 |
| Net cash used in investing activities | (1,863) | (1,344) |
| Cash flows from financing activities: | ||
| Borrowing from revolving line of credit | - | 8,800 |
| Borrowing from term loans | 40,000 | - |
| Repayment of revolving line of credit | (12,650) | (2,550) |
| Repayment of term debt | (24,700) | (6,023) |
| Payment of debt issuance costs | (3,832) | (161) |
| Proceeds from exercise of stock options and employee stock purchase plan | 47 | 380 |
| Taxes paid related to net share settlement of equity awards | (156) | (577) |
| Net cash used in financing activities | (1,291) | (131) |
| Effect of exchange rate changes on cash | 931 | (140) |
| Increase (decrease) in cash and cash equivalents | 4,506 | (175) |
| Cash and cash equivalents at beginning of period | 4,108 | 4,283 |
| Cash and cash equivalents at end of period | $8,614 | $4,108 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest | $3,595 | $3,235 |
| Cash paid for income taxes, net of refunds | $(98) | $(159) |
**HARVARD BIOSCIENCE, INC.
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