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Harbor Diversified cash flow, quarter by quarter

Latest: Q4 2025 · from the cash-flow statements filed with the SEC

Free cash flow−$14.1M in Q4 2025

Operating cash flow−$13.8M
Capital spending−$271K
Free cash flow−$14.1M
Cash / net income-3.0×

Analysis

In Q4 2025, Harbor Diversified generated −$13.8M of operating cash flow and spent $271K on capital projects, leaving free cash flow of −$14.1M. That is $23.5M less than in Q4 2024 ($9.4M).

Operating cash flow was −$13.8M against net income of $4.5M — -3.0× profit, less cash than reported earnings, worth checking against working capital. The largest differences: gains on disposals −$8.3M, deferred taxes −$6.4M, receivables +$5.8M.

Free cash flow

Harbor Diversified: free cash flow by quarterHarbor Diversified: free cash flow by quarter−$2.1MQ1 2024$3.5MQ2 2024−$445KQ3 2024$9.4MQ4 2024$12.6MQ1 2025−$21.9MQ2 2025−$9.4MQ3 2025−$14.1MQ4 2025
Operating cash flow less capital spending.
Harbor Diversified: operating cash flow against capital spendingHarbor Diversified: operating cash flow against capital spendingOperating cash flowCapital spending−$522K$1.6MQ1 2024$4.3M$824KQ2 2024$31K$476KQ3 2024$9.4M$37KQ4 2024$12.6M$22KQ1 2025−$21.8M$51KQ2 2025−$9.3M$150KQ3 2025−$13.8M$271KQ4 2025
Latest (Q4 2025): Operating cash flow −$13.8M, Capital spending $271K.

Capital allocation, year by year

Harbor Diversified: where the cash came from (up) and went (down), by fiscal yearHarbor Diversified: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $94.2MFY2021: Net borrowing −$40.1MFY2021: Asset sales $30KFY2021: Capital spending −$3.6MFY2021: Buybacks −$2.8MFY2021: Dividends −$792K$94.2MFY2021FY2022: Operating cash flow $45.0MFY2022: Net borrowing −$6.3MFY2022: Asset sales $64KFY2022: Capital spending −$5.5MFY2022: Buybacks −$11.7MFY2022: Dividends −$792K$45.1MFY2022FY2023: Operating cash flow −$12.0MFY2023: Net borrowing −$55.0MFY2023: Asset sales $27KFY2023: Capital spending −$4.5MFY2023: Buybacks −$4.5MFY2023: Dividends −$1.3M$27KFY2023FY2024: Operating cash flow $13.3MFY2024: Asset sales $839KFY2024: Capital spending −$2.9MFY2024: Buybacks −$2.1MFY2024: Dividends −$1.1M$14.1MFY2024FY2025: Operating cash flow −$32.3MFY2025: Asset sales $16.0MFY2025: Capital spending −$494KFY2025: Buybacks −$46K$16.0MFY2025
Over these 5 years operating cash flow totalled $108M; the largest uses were net borrowing ($101M) and operating cash flow ($44.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$13.5M
Debtnone
Net cash$13.5M
Cash runway3 months

Harbor Diversified is burning cash: its operations consume cash, a free cash flow of −$56.3M a year at the current rate against $13.5M of cash and investments: a runway of about 3 months before any new financing.

Where the cash came from and went

Harbor Diversified: sources (+) and uses (−) of cash, Q4 2025Harbor Diversified: sources (+) and uses (−) of cash, Q4 2025Operating cash flow−$13.8MAsset & business sales$8.8MCash drawn (+) / kept (−)$3.7MOther investing$1.6MCapital spending−$271K

From profit to cash

Harbor Diversified: net income to operating cash flow, Q4 2025Harbor Diversified: net income to operating cash flow, Q4 2025Net income$4.5MDepreciation & amortization$1.8MDeferred taxes−$6.4MGains on disposals−$8.3MReceivables$5.8MPayables−$2.0MAccrued liabilities−$22KEmployee-related liabilities$7KOther liabilities−$690KOperating cash flow−$13.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q4 2025−$13.8M−$271K——$3.7M−$14.1M
Q3 2025−$9.3M−$150K——−$5.5M−$9.4M
Q2 2025−$21.8M−$51K——$15.3M−$21.9M
Q1 2025$12.6M−$22K−$46K—−$12.0M$12.6M
Q4 2024$9.4M−$37K−$40K−$107K−$8.1M$9.4M
Q3 2024$31K−$476K−$87K—$1.4M−$445K
Q2 2024$4.3M−$824K−$937K−$519K$8.6M$3.5M
Q1 2024−$522K−$1.6M−$992K−$466K$4.0M−$2.1M

Harbor Diversified: income statement and cash flow

Harbor Diversified, Q4 2025: revenue $2.5M (-96% year over year), operating margin -158.0%. The chart follows the revenue to costs, profit and cash.

Harbor Diversified: 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.