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enCore Energy cash flow, quarter by quarter

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

Free cash flow−$21.1M in Q2 2026 · −$49.9M over twelve months

Operating cash flow−$21.1M
Free cash flow−$21.1M

Analysis

In Q2 2026, enCore Energy generated −$21.1M of operating cash flow. That is $7.0M less than in Q2 2025 (−$14.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$49.9M; the largest uses were other investing ($55.6M), operating cash flow ($49.9M); besides operations, cash came from other financing ($95.6M), shares issued ($524K); the cash balance fell by $3.3M.

Operating cash flow was −$21.1M against net income of −$44.6M. The largest differences: inventory −$5.3M, receivables +$5.0M, prepaid and other assets −$3.5M.

Free cash flow

enCore Energy: free cash flow by quarterenCore Energy: free cash flow by quarter−$6.9MQ3 2024−$5.7MQ4 2024−$11.7MQ1 2025−$14.1MQ2 2025−$26.3MQ3 2025$7.2MQ4 2025−$21.4MQ1 2026−$21.1MQ2 2026
Operating cash flow less capital spending.
enCore Energy: operating cash flow against capital spendingenCore Energy: operating cash flow against capital spendingOperating cash flowCapital spending−$5.5M$1.5MQ3 2024$387K$6.1MQ4 2024−$7.7M$4.0MQ1 2025−$9.9M$4.2MQ2 2025−$20.3M$6.0MQ3 2025$12.9M$5.8MQ4 2025−$21.4M$0Q1 2026−$21.1M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$21.1M, Capital spending $0.

Capital allocation, year by year

enCore Energy: where the cash came from (up) and went (down), by fiscal yearenCore Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$4.0MFY2021: Capital spending −$301KFY2021FY2022: Operating cash flow −$20.3MFY2022: Shares issued $1.2MFY2022: Asset sales $48KFY2022: Capital spending −$980K$1.2MFY2022FY2023: Operating cash flow −$23.0MFY2023: Net borrowing −$40.0MFY2023: Shares issued $50.0MFY2023: Asset sales $3.5MFY2023: Capital spending −$7.9M$53.5MFY2023FY2024: Operating cash flow −$45.2MFY2024: Shares issued $3.8MFY2024: Capital spending −$11.3M$3.8MFY2024FY2025: Operating cash flow −$25.0MFY2025: Net borrowing $115MFY2025: Shares issued $1.1MFY2025: Capital spending −$20.0M$116MFY2025
Over these 5 years operating cash flow totalled −$117M; the largest uses were operating cash flow ($117M) and capital spending ($40.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$21.8M
Debt$110M
Net debt$88.6M
Cash runway5 months

enCore Energy is burning cash: its operations consume cash, a free cash flow of −$49.9M a year at the current rate against $21.8M of cash and investments: a runway of about 5 months before any new financing.

Where the cash came from and went

enCore Energy: sources (+) and uses (−) of cash, Q2 2026enCore Energy: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$21.1MCash drawn (+) / kept (−)$19.7MExchange rates$6.9MOther investing−$5.5M
enCore Energy: sources (+) and uses (−) of cash, TTM to Q2 2026enCore Energy: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$95.6MOther investing−$55.6MOperating cash flow−$49.9MExchange rates$6.0MCash drawn (+) / kept (−)$3.3MShares issued$524K

From profit to cash

enCore Energy: net income to operating cash flow, Q2 2026enCore Energy: net income to operating cash flow, Q2 2026Net income−$44.6MDepreciation & amortization$1.7MStock-based pay$2.2MReceivables$5.0MInventory−$5.3MPayables$48KPrepaid and other assets−$3.5MOperating cash flow−$21.1M
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
Q2 2026−$21.1M——$19.7M−$21.1M
Q1 2026−$21.4M—$149K$9.5M−$21.4M
Q4 2025$12.9M−$5.8M$278K$39.5M$7.2M
Q3 2025−$20.3M−$6.0M$97K−$65.4M−$26.3M
Q2 2025−$9.9M−$4.2M$546K$2.5M−$14.1M
Q1 2025−$7.7M−$4.0M$141K$10.0M−$11.7M
Q4 2024$387K−$6.1M$238K$6.6M−$5.7M
Q3 2024−$5.5M−$1.5M$81K$9.4M−$6.9M

enCore Energy: income statement and cash flow

enCore Energy, Q2 2026: revenue $15.7M (+328% year over year), operating margin -187.9%. The chart follows the revenue to costs, profit and cash.

enCore Energy: 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.