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DarkHorse Technologies cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$4.5M in Q3 2026 · −$20.2M over twelve months

Operating cash flow−$4.5M
Free cash flow−$4.5M
Cash conversion cycle-39 days

Analysis

In Q3 2026, DarkHorse Technologies generated −$4.5M of operating cash flow. That is $1.3M more than in Q3 2025 (−$5.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$16.2M; the largest uses were operating cash flow ($16.2M), capital spending ($4.0M); besides operations, cash came from other investing ($9.4M), shares issued ($8.2M); the cash balance rose by $3.5M.

Operating cash flow was −$4.5M against net income of −$5.8M. The largest differences: payables −$1.4M, gains on disposals +$1.2M, stock-based pay +$997K.

Its cash conversion cycle was -39 days (receivables 11 + inventory 0 − payables 49): suppliers fund its working capital.

Free cash flow

DarkHorse Technologies: free cash flow by quarterDarkHorse Technologies: free cash flow by quarter−$5.8MQ4 2024−$5.1MQ1 2025−$6.0MQ2 2025−$5.7MQ3 2025−$6.7MQ4 2025−$3.7MQ1 2026−$5.3MQ2 2026−$4.5MQ3 2026
Operating cash flow less capital spending.
DarkHorse Technologies: operating cash flow against capital spendingDarkHorse Technologies: operating cash flow against capital spendingOperating cash flowCapital spending−$1.5M$4.3MQ4 2024−$4.1M$1.0MQ1 2025−$5.8M$200KQ2 2025−$3.5M$2.3MQ3 2025−$2.7M$4.0MQ4 2025−$3.7M$0Q1 2026−$5.3M$0Q2 2026−$4.5M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$4.5M, Capital spending $0.

Capital allocation, year by year

DarkHorse Technologies: where the cash came from (up) and went (down), by fiscal yearDarkHorse Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$28.5MFY2021: Net borrowing −$1.1MFY2021: Shares issued $9.8MFY2021: Capital spending −$102M$9.8MFY2021FY2022: Operating cash flow −$30.8MFY2022: Capital spending −$17.6MFY2022FY2023: Operating cash flow −$6.6MFY2023: Net borrowing −$506KFY2023: Shares issued $3.6MFY2023: Asset sales $4.5MFY2023: Capital spending −$1.6M$8.1MFY2023FY2024: Operating cash flow −$4.6MFY2024: Shares issued $5.5MFY2024: Capital spending −$8.9M$5.5MFY2024FY2025: Operating cash flow −$16.1MFY2025: Shares issued $733KFY2025: Asset sales $555KFY2025: Capital spending −$7.5M$1.3MFY2025
Over these 5 years operating cash flow totalled −$86.6M; the largest uses were capital spending ($138M) and operating cash flow ($86.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$8.8M
Debtnone
Net cash$8.8M
Cash runway5 months

DarkHorse Technologies is burning cash: its operations consume cash, a free cash flow of −$20.2M a year at the current rate against $8.8M of cash and investments: a runway of about 5 months before any new financing.

Where the cash came from and went

DarkHorse Technologies: sources (+) and uses (−) of cash, Q3 2026DarkHorse Technologies: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$6.0MShares issued$5.7MOperating cash flow−$4.5MOther investing$2.4MAsset & business sales$1.5MOther financing$870K
DarkHorse Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026DarkHorse Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$16.2MOther investing$9.4MShares issued$8.2MOther financing$4.5MCapital spending−$4.0MCash drawn (+) / kept (−)−$3.5MAsset & business sales$1.6M

From profit to cash

DarkHorse Technologies: net income to operating cash flow, Q3 2026DarkHorse Technologies: net income to operating cash flow, Q3 2026Net income−$5.8MDepreciation & amortization$608KStock-based pay$997KImpairments$199KGains on disposals$1.2MReceivables−$5KPayables−$1.4MEmployee-related liabilities−$384KOther operating capital$815KOperating cash flow−$4.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$4.5M—$5.7M−$6.0M−$4.5M
Q2 2026−$5.3M—$2.1M$299K−$5.3M
Q1 2026−$3.7M—$419K$562K−$3.7M
Q4 2025−$2.7M−$4.0M—$1.6M−$6.7M
Q3 2025−$3.5M−$2.3M$625K−$574K−$5.7M
Q2 2025−$5.8M−$200K—−$1.9M−$6.0M
Q1 2025−$4.1M−$1.0M$108K$2.6M−$5.1M
Q4 2024−$1.5M−$4.3M$5.5M−$475K−$5.8M

DarkHorse Technologies: income statement and cash flow

DarkHorse Technologies, Q3 2026: revenue $3.0M (+16% year over year), operating margin -191.0%. The chart follows the revenue to costs, profit and cash.

DarkHorse Technologies: 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.