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Cadiz cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$9.8M in Q2 2026 · −$31.2M over twelve months

Operating cash flow−$6.6M
Capital spending−$3.1M
Free cash flow−$9.8M
Cash conversion cycle192 days

Analysis

In Q2 2026, Cadiz generated −$6.6M of operating cash flow and spent $3.1M on capital projects, leaving free cash flow of −$9.8M. That is $3.9M less than in Q2 2025 (−$5.9M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$26.1M; the largest uses were operating cash flow ($26.1M), capital spending ($5.1M), dividends ($5.1M); besides operations, cash came from net borrowing (+) / repaid (−) ($29.9M); the cash balance fell by $7.9M.

Operating cash flow was −$6.6M against net income of −$11.4M. The largest differences: stock-based pay +$1.8M, receivables +$1.3M, payables −$1.3M.

Its cash conversion cycle was 192 days (receivables 378 + inventory 156 − payables 343).

Free cash flow

Cadiz: free cash flow by quarterCadiz: free cash flow by quarter−$5.4MQ3 2024−$6.6MQ4 2024−$4.9MQ1 2025−$5.9MQ2 2025−$7.5MQ3 2025−$8.2MQ4 2025−$5.8MQ1 2026−$9.8MQ2 2026
Operating cash flow less capital spending.
Cadiz: operating cash flow against capital spendingCadiz: operating cash flow against capital spendingOperating cash flowCapital spending−$5.4M$55KQ3 2024−$6.2M$412KQ4 2024−$3.6M$1.3MQ1 2025−$1.4M$4.5MQ2 2025−$7.0M$450KQ3 2025−$6.9M$1.3MQ4 2025−$5.5M$242KQ1 2026−$6.6M$3.1MQ2 2026
Latest (Q2 2026): Operating cash flow −$6.6M, Capital spending $3.1M.

Capital allocation, year by year

Cadiz: where the cash came from (up) and went (down), by fiscal yearCadiz: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingDividendsFY2021: Operating cash flow −$15.3MFY2021: Net borrowing −$27.5MFY2021: Shares issued $86.7MFY2021: Capital spending −$22.9MFY2021: Dividends −$1.4M$86.7MFY2021FY2022: Operating cash flow −$18.6MFY2022: Net borrowing $117KFY2022: Shares issued $21.6MFY2022: Capital spending −$3.4MFY2022: Dividends −$5.1M$21.8MFY2022FY2023: Operating cash flow −$20.9MFY2023: Net borrowing −$14.9MFY2023: Shares issued $38.5MFY2023: Capital spending −$5.8MFY2023: Dividends −$5.1M$38.5MFY2023FY2024: Operating cash flow −$21.5MFY2024: Net borrowing $19.8MFY2024: Shares issued $22.1MFY2024: Capital spending −$934KFY2024: Dividends −$5.1M$42.0MFY2024FY2025: Operating cash flow −$18.9MFY2025: Net borrowing $14.9MFY2025: Shares issued $18.3MFY2025: Capital spending −$7.6MFY2025: Dividends −$5.1M$33.2MFY2025
Over these 5 years operating cash flow totalled −$95.3M; the largest uses were operating cash flow ($95.3M) and net borrowing ($42.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.3M
Debt$78.3M
Net debt$73.0M
Due within a year$51K
Cash runway2 months

Cadiz is burning cash: its operations consume cash, a free cash flow of −$31.2M a year at the current rate against $5.3M of cash and investments: a runway of about 2 months; $51K of debt also comes due within a year, which would need refinancing or new money before any new financing.

Cadiz: debt maturities by year (FY2025)Cadiz: debt maturities by year (FY2025)$51KYear 1$63.3MYear 2
Principal due in each year as disclosed in the annual report, against $5.3M of cash and investments now.

Where the cash came from and went

Cadiz: sources (+) and uses (−) of cash, Q2 2026Cadiz: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$11.2MOperating cash flow−$6.6MCapital spending−$3.1MDividends−$1.3MTaxes on employees’ shares−$138KNet borrowing (+) / repaid (−)−$22K
Cadiz: sources (+) and uses (−) of cash, TTM to Q2 2026Cadiz: sources (+) and uses (−) of cash, TTM to Q2 2026Net borrowing (+) / repaid (−)$29.9MOperating cash flow−$26.1MCash drawn (+) / kept (−)$7.9MCapital spending−$5.1MDividends−$5.1MOther financing−$1.2MTaxes on employees’ shares−$224K

From profit to cash

Cadiz: net income to operating cash flow, Q2 2026Cadiz: net income to operating cash flow, Q2 2026Net income−$11.4MDepreciation & amortization$387KStock-based pay$1.8MReceivables$1.3MInventory−$505KPayables−$1.3MAccrued liabilities$437KDeferred revenue$458KPrepaid and other assets$232KOperating cash flow−$6.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026378156343192
Q1 20262859734042
Q4 202584537364
Q3 2025868960115
Q2 202510010476128
Q1 202514613195182
Q4 20247611261126
Q3 20246916970168

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$6.6M−$3.1M−$1.3M−$22K—$11.2M−$9.8M
Q1 2026−$5.5M−$242K−$1.3M$15.0M—−$7.9M−$5.8M
Q4 2025−$6.9M−$1.3M−$1.3M$15.0M—−$4.2M−$8.2M
Q3 2025−$7.0M−$450K−$1.3M−$27K—$8.8M−$7.5M
Q2 2025−$1.4M−$4.5M−$1.3M−$32K—$8.4M−$5.9M
Q1 2025−$3.6M−$1.3M−$1.3M−$40K$18.3M−$6.9M−$4.9M
Q4 2024−$6.2M−$412K−$1.3M−$32K$22.1M−$14.0M−$6.6M
Q3 2024−$5.4M−$55K−$1.3M−$47K—$6.8M−$5.4M

Cadiz: income statement and cash flow

Cadiz, Q2 2026: revenue $979K (-76% year over year), operating margin -902.5%. The chart follows the revenue to costs, profit and cash.

Cadiz: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.