LifeStance Health Group, Inc.LFST

LifeStance Health Group, the US mental-health provider that markets itself as a tech-enabled platform for talk therapy, TMS brain-stim sessions, and school-based programmes, posted $403.5 million in revenue for the quarter ended 31 March 2026, according to its freshly filed 10-Q. The figure is real, the service directory is real, and the underlying demand is real-yet the same filing shows LifeStance only converted $14.2 million of that revenue into net income and collected a mere $33.1 million in operating cash, numbers that quietly expose the gap between the polished pitch and the prosaic cash register.

On the surface, LifeStance’s website reads like a mental-wellness department store: click to book talk therapy, TMS therapy, veteran programmes, or school-based counselling, all served up on a slick service directory and product pages that promise insurance acceptance and personalised care. The images show calm clinicians and neat waiting rooms, which is exactly what a customer-facing brand should do. But the balance sheet tells a simpler story: $2.15 billion in total assets against $668.5 million in liabilities, $194.8 million of cash and equivalents, and $33.1 million of net cash provided by operating activities for the quarter. Translation: the company is solvent on paper but still haemorrhaging operating cash faster than a TikTok trend.

The latest 10-Q numbers are unambiguous. Revenues came in at $403.5 million, net income attributable to the parent was $14.2 million, operating income was $22.3 million, assets stood at $2.15 billion, liabilities at $668.5 million, stockholders’ equity at $1.48 billion, cash and cash equivalents at $194.8 million, net cash provided by operating activities at $33.1 million, and capitalised property additions at $10.8 million, all for the quarter ending 31 March 2026. Weighted average diluted shares were 395.1 million. Those are the filings, those are the periods, and those are the labels-nothing more, nothing less.

If you want a chart, the company’s latest SEC submissions JSON and companyfacts JSON can be pulled directly from the regulator’s data feeds, and the filing index keeps everything tidy. The company’s own product pages and service directory confirm the breadth of its offerings-telehealth and in-person appointments, TMS therapy for treatment-resistant depression, veteran programmes, and school-based counselling-but none of the marketing pages change the fact that the latest operating cash number is what the business actually collected. The product evidence proves the services exist; the filings prove the cash flow math.

The tension sits in the mismatch: $403.5 million billed versus $33.1 million collected in operating cash, and a $14.2 million net profit that still leaves the company reliant on its current cash pile. The website may look like a mental-wellness shopping mall, but the balance sheet is a ledger, and the ledger is what matters. The filings do not invent the services, and the services do not change the filings. What would change the file next is either a durable uptick in operating cash, evidence that the cash haemorrhage has stabilised, or a clear path to positive free cash flow beyond the quarterly noise.