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Fortitude Gold cash flow, quarter by quarter

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

Free cash flow−$5.1M in Q2 2026 · −$18.3M over twelve months

Operating cash flow−$4.4M
Capital spending−$710K
Free cash flow−$5.1M
Cash / net income-7.6×

Analysis

In Q2 2026, Fortitude Gold generated −$4.4M of operating cash flow and spent $710K on capital projects, leaving free cash flow of −$5.1M. That is $2.2M less than in Q2 2025 (−$2.8M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$16.1M; the largest uses were operating cash flow ($16.1M), dividends ($3.1M), capital spending ($2.2M); besides operations, cash came from other financing ($17.8M), other investing ($37K); the cash balance fell by $3.6M.

Operating cash flow was −$4.4M against net income of $577K — -7.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$4.4M, depreciation & amortization +$600K, stock-based pay +$523K.

Free cash flow

Fortitude Gold: free cash flow by quarterFortitude Gold: free cash flow by quarter$344KQ3 2024−$363KQ4 2024−$2.8MQ1 2025−$2.8MQ2 2025−$4.2MQ3 2025−$5.2MQ4 2025−$3.9MQ1 2026−$5.1MQ2 2026
Operating cash flow less capital spending.
Fortitude Gold: operating cash flow against capital spendingFortitude Gold: operating cash flow against capital spendingOperating cash flowCapital spending$1.4M$1.1MQ3 2024−$204K$159KQ4 2024−$2.4M$390KQ1 2025−$2.3M$553KQ2 2025−$3.8M$313KQ3 2025−$4.5M$686KQ4 2025−$3.4M$512KQ1 2026−$4.4M$710KQ2 2026
Latest (Q2 2026): Operating cash flow −$4.4M, Capital spending $710K.

Capital allocation, year by year

Fortitude Gold: where the cash came from (up) and went (down), by fiscal yearFortitude Gold: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingDividendsFY2021: Operating cash flow $24.7MFY2021: Net borrowing −$1.1MFY2021: Shares issued $500KFY2021: Capital spending −$4.5MFY2021: Dividends −$7.3M$25.2MFY2021FY2022: Operating cash flow $28.6MFY2022: Net borrowing −$110KFY2022: Shares issued $63KFY2022: Capital spending −$12.0MFY2022: Dividends −$11.5M$28.6MFY2022FY2023: Operating cash flow $23.0MFY2023: Net borrowing −$41KFY2023: Shares issued $60KFY2023: Capital spending −$5.4MFY2023: Dividends −$12.5M$23.0MFY2023FY2024: Operating cash flow −$6.6MFY2024: Net borrowing −$3KFY2024: Shares issued $77KFY2024: Capital spending −$3.5MFY2024: Dividends −$11.6M$77KFY2024FY2025: Operating cash flow −$13.0MFY2025: Net borrowing −$1.7MFY2025: Capital spending −$1.9MFY2025: Dividends −$5.8MFY2025
Over these 5 years operating cash flow totalled $56.6M; the largest uses were dividends ($48.8M) and capital spending ($27.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$13.5M
Debtnone
Net cash$13.5M
Cash runway9 months

Fortitude Gold is burning cash: its operations consume cash, a free cash flow of −$18.3M a year at the current rate against $13.5M of cash and investments: a runway of about 9 months before any new financing.

Where the cash came from and went

Fortitude Gold: sources (+) and uses (−) of cash, Q2 2026Fortitude Gold: sources (+) and uses (−) of cash, Q2 2026Other financing$11.0MOperating cash flow−$4.4MCash drawn (+) / kept (−)−$3.5MNet borrowing (+) / repaid (−)−$1.6MDividends−$830KCapital spending−$710K
Fortitude Gold: sources (+) and uses (−) of cash, TTM to Q2 2026Fortitude Gold: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$17.8MOperating cash flow−$16.1MCash drawn (+) / kept (−)$3.6MDividends−$3.1MCapital spending−$2.2MOther investing$37K

From profit to cash

Fortitude Gold: net income to operating cash flow, Q2 2026Fortitude Gold: net income to operating cash flow, Q2 2026Net income−$1.9MDepreciation & amortization$600KStock-based pay$523KGains on investments$490KOther non-cash$1KInventory−$4.4MPayables$141KPrepaid and other assets−$456KOperating cash flow−$4.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$4.4M−$710K−$830K−$1.6M−$3.5M−$5.1M
Q1 2026−$3.4M−$512K−$783K−$1.6M−$5.4M−$3.9M
Q4 2025−$4.5M−$686K−$731K−$1.1M$7.1M−$5.2M
Q3 2025−$3.8M−$313K−$731K—$5.4M−$4.2M
Q2 2025−$2.3M−$553K−$1.5M—$4.3M−$2.8M
Q1 2025−$2.4M−$390K−$2.9M—$5.7M−$2.8M
Q4 2024−$204K−$159K−$2.9M—$3.2M−$363K
Q3 2024$1.4M−$1.1M−$2.9M—$2.6M$344K

Fortitude Gold: income statement and cash flow

Fortitude Gold, Q2 2026: revenue $8.2M (+68% year over year), operating margin 11.0%. The chart follows the revenue to costs, profit and cash.

Fortitude Gold: 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.