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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (3,424)	$ (50,340)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	443	451
Amortization of intangible assets	907	1,204
Goodwill impairment - Note 5	0	47,951
Amortization of deferred financing costs	446	131
Stock-based compensation	257	600
Deferred income taxes and other	(85)	(523)
Changes in operating assets and liabilities:
Accounts receivable	1,406	1,438
Inventories	(1,540)	670
Other assets	(392)	29
Accounts payable and other liabilities	1,181	1,472
Contract liabilities	139	(97)
Net cash provided by operating activities	(662)	2,986
Cash flows from investing activities:
Additions to property, plant and equipment	(426)	(513)
Capitalized software development costs	(194)	(170)
Net cash used in investing activities	(620)	(683)
Cash flows from financing activities:
Repayment of term debt	0	(1,000)
Payment of debt issuance costs	(129)	(129)
Proceeds from exercise of stock options and employee stock purchase plan	150	0
Taxes paid related to net share settlement of equity awards	(30)	(75)
Net cash used in financing activities	(9)	(1,204)
Effect of exchange rate changes on cash
Effect of exchange rate changes on cash	(225)	339
Increase (decrease) in cash and cash equivalents	(1,516)	1,438
Cash and cash equivalents at beginning of period	8,614	4,108
Cash and cash equivalents at end of period	7,098	5,546
Supplemental disclosures of cash flow information:
Cash paid for interest	1,280	799
Cash paid for income taxes, net of refunds	$ (5)	$ 2

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets including portion attributable to discontinued operations, not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.

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HARVARD BIOSCIENCE INC 10-Q