Tempus AI, Inc.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
TEM$80.54-4.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities | |||
| Net loss | $(245,028) | $(705,809) | $(214,118) |
| Adjustments to reconcile net loss to net cash used in operating activities | |||
| Change in fair value of warrant liability | — | 42,400 | (8,000) |
| Gain on warrant termination | — | (39,100) | — |
| Reversal of warrant contract asset amortization | — | (16,301) | — |
| Stock-based compensation | 124,747 | 534,138 | — |
| Gain on warrant exercise | — | (173) | — |
| Gain on marketable equity securities | (16,471) | (12,110) | (9,807) |
| Loss on disposal of property and equipment | 415 | — | — |
| Loss on debt extinguishment | 12,034 | — | — |
| Deferred income taxes | (52,665) | — | — |
| Losses from equity method investments | 5,614 | 4,228 | 301 |
| Amortization of original issue discount | 4,088 | 1,382 | 1,117 |
| Amortization of deferred financing fees | 484 | 510 | 510 |
| Change in fair value of contingent consideration | — | 72 | (400) |
| Change in fair value of holdback liability | (1,337) | — | — |
| Amortization of warrant contract asset | — | 4,843 | 5,221 |
| Depreciation and amortization | 102,324 | 37,245 | 33,049 |
| Provision for bad debt expense | 2,558 | 680 | 1,646 |
| Provision for obsolete inventory | 1,335 | — | — |
| Amortization of finance right-of-use lease assets | — | — | 283 |
| Change in fair value of warrant asset | — | (18,302) | (4,100) |
| Non-cash operating lease costs | 11,554 | 6,047 | 6,760 |
| Minimum accretion expense | 268 | 197 | 90 |
| Impairment of intangible assets | — | — | 7,359 |
| PIK interest added to principal | 10,537 | 8,811 | 3,587 |
| Change in assets and liabilities | |||
| Accounts receivable(1) | (90,402) | (61,037) | (7,347) |
| Inventory | (3,369) | (9,541) | (6,563) |
| Prepaid expenses and other current assets | (1,699) | (13,683) | (6,474) |
| Investments and other assets | (17,301) | (751) | (4,209) |
| Accounts payable | (7,241) | (23,852) | (23,363) |
| Related party asset | (25,000) | — | — |
| Deferred revenue(2) | (6,960) | (20,942) | (26,412) |
| Deferred other income | (15,955) | 39,887 | — |
| Accrued data licensing fees | 2,966 | (5,000) | (9,121) |
| Accrued expenses & other | (12,844) | 50,540 | 38,577 |
| Interest payable | 14,206 | 15,129 | 15,836 |
| Operating lease liabilities | (14,948) | (8,553) | (8,761) |
| Net cash used in operating activities | $(218,090) | $(189,045) | $(214,339) |
(1) Includes increase in related party accounts receivable of $2,141 and $4,203 as of December 31, 2025 and 2024, respectively. Includes decrease in related party accounts receivable of $318 as of December 31, 2023.
(2) Includes increase in related party deferred revenue of $3,938, $0 and $0 as of December 31, 2025, 2024 and 2023, respectively.
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Investing activities | |||
| Purchases of property and equipment | $(21,049) | $(22,121) | $(34,608) |
| Proceeds from sale of marketable equity securities | 8,316 | 23,098 | — |
| Purchases of marketable equity securities | (2,740) | (36,183) | — |
| Business combinations, net of cash acquired (Note 3) | (376,666) | — | (5,705) |
| Investment in joint venture | — | (95,186) | — |
| Capitalized software costs | (6,216) | — | — |
| Net cash used in investing activities | $(398,355) | $(130,392) | $(40,313) |
| Financing activities | |||
| Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | $— | $381,951 | $— |
| Tax withholding related to net share settlement of restricted stock units | — | (69,918) | — |
| Issuance of Series G-4 Preferred Stock, net of offering costs | — | — | 44,885 |
| Issuance of Series G-5 Preferred Stock | — | 199,750 | — |
| Principal payments on finance lease liabilities | — | — | (288) |
| Purchase of treasury stock | (3,040) | — | (3,602) |
| Payment of deferred offering costs | (806) | (8,766) | (698) |
| Dividends paid | — | (5,625) | (5,625) |
| Proceeds from revolving credit facility, net of original issue discount | 98,000 | — | — |
| Proceeds from long-term debt, net of original issue discount | 196,000 | — | 82,875 |
| Proceeds from convertible senior notes, net of initial purchasers' discount | 726,497 | — | — |
| Payment of deferred financing fees | (1,519) | — | — |
| Payment of indemnity holdback related to acquisition | — | (813) | — |
| G-4 Special Payment | — | (2,250) | — |
| Principal payments on long-term debt | (276,892) | — | — |
| Prepayment premium on long-term debt | (7,841) | — | — |
| Purchases of capped call | (41,775) | — | — |
| Proceeds from issuance of common stock in connection with at-the-market offering, net of commissions | 195,499 | — | — |
| Net cash provided by financing activities | $884,123 | $494,329 | $117,547 |
| Effect of foreign exchange rates on cash | $(62) | $336 | $(19) |
| Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash | $267,616 | $175,228 | $(137,124) |
| Cash, cash equivalents and restricted cash, beginning of period | 341,835 | 166,607 | 303,731 |
| Cash, cash equivalents and restricted cash, end of period | $609,451 | $341,835 | $166,607 |
| Cash, Cash Equivalents and Restricted Cash are Comprised of: | |||
| Cash and cash equivalents | $604,787 | $340,954 | $165,767 |
| Restricted cash and cash equivalents | 4,664 | 881 | 840 |
| Total cash, cash equivalents and restricted cash | $609,451 | $341,835 | $166,607 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental disclosure of cash flow information | |||
| Cash paid during the year for interest | $44,031 | $28,045 | $16,913 |
| Cash paid for income taxes | $654 | $206 | $161 |
| Marketable equity securities received on accounts receivable | $32,000 | $22,000 | $22,000 |
| Supplemental disclosure of noncash investing and financing activities | |||
| Dividends payable | $— | $5,487 | $12,535 |
| Purchases of property and equipment, accrued but not paid | $5,535 | $4,292 | $6,137 |
| Redemption of convertible promissory note | $32,008 | $24,932 | $27,970 |
| Non-voting common stock issued in connection with business combinations | $— | $344 | $9,209 |
| Accretion of convertible preferred stock to redemption value | $— | $— | $4,338 |
| Deferred offering costs, accrued but not yet paid | $47 | $— | $3,504 |
| Deferred financing fees, accrued but not yet paid | $226 | $— | $— |
| Reclassification of deferred offering costs to additional paid-in capital upon at-the-market offering | $821 | $— | $— |
| Operating lease liabilities arising from obtaining right-of-use assets | $22,670 | $1,997 | $1,097 |
| Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering | $— | $1,348,809 | $— |
| Taxes related to net share settlement of restricted stock units not yet paid | $— | $20 | $— |
| Reclassification of deferred offering costs to additional paid-in capital upon initial public offering | $— | $12,347 | $— |
| Class A Common Stock issued in connection with business combinations | $403,154 | $— | $— |
| Class A Common Stock issued in connection with license agreement | $1,443 | $— | $— |
| Issuance of Series G-3 Preferred Stock | $— | $3,809 | $2,738 |
| Issuance of Series G-4 Preferred Stock | $— | $611 | $— |
| Issuance of warrant | $— | $— | $4,223 |
| Issuance of common stock in connection with contingent consideration | $— | $847 | $— |
| Convertible promissory note principal reset due to amendment | $72,488 | $— | $— |
CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE
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