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GameSquare Holdings cash flow, quarter by quarter

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

Free cash flow−$2.8M in Q2 2026 · −$20.7M over twelve months

Operating cash flow−$2.8M
Capital spending−$6K
Free cash flow−$2.8M
Cash conversion cycle-146 days

Analysis

In Q2 2026, GameSquare Holdings generated −$2.8M of operating cash flow and spent $6K on capital projects, leaving free cash flow of −$2.8M. That is $4.5M less than in Q2 2025 ($1.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$20.7M; the largest uses were other investing ($60.2M), operating cash flow ($20.7M), capital spending ($9K); besides operations, cash came from other financing ($66.7M), net borrowing (+) / repaid (−) ($12.1M); the cash balance fell by $2.0M.

Operating cash flow was −$2.8M against net income of −$10.6M. The largest differences: payables −$1.7M, receivables −$630K, depreciation & amortization +$539K.

Its cash conversion cycle was -146 days (receivables 54 + inventory 0 − payables 200): suppliers fund its working capital.

Free cash flow

GameSquare Holdings: free cash flow by quarterGameSquare Holdings: free cash flow by quarter−$7.8MQ3 2024−$5.2MQ4 2024−$8.7MQ1 2025$1.7MQ2 2025−$10.4MQ3 2025−$1.1MQ4 2025−$6.4MQ1 2026−$2.8MQ2 2026
Operating cash flow less capital spending.
GameSquare Holdings: operating cash flow against capital spendingGameSquare Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$7.8M$3KQ3 2024−$5.2M$0Q4 2024−$8.6M$75KQ1 2025$1.7M$2KQ2 2025−$10.4M$0Q3 2025−$1.1M$101Q4 2025−$6.4M$3KQ1 2026−$2.8M$6KQ2 2026
Latest (Q2 2026): Operating cash flow −$2.8M, Capital spending $6K.

Capital allocation, year by year

GameSquare Holdings: where the cash came from (up) and went (down), by fiscal yearGameSquare Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2022: Operating cash flow −$11.9MFY2022: Net borrowing $601KFY2022: Asset sales $49KFY2022: Capital spending −$31K$650KFY2022FY2023: Operating cash flow −$16.1MFY2023: Net borrowing $4.0MFY2023: Capital spending −$2K$4.0MFY2023FY2024: Operating cash flow −$30.6MFY2024: Net borrowing $28.0MFY2024: Asset sales $328KFY2024: Capital spending −$5K$28.3MFY2024FY2025: Operating cash flow −$18.4MFY2025: Net borrowing −$3.5MFY2025: Shares issued $77.9MFY2025: Capital spending −$77KFY2025: Buybacks −$1.8M$77.9MFY2025
Over these 4 years operating cash flow totalled −$77.0M; the largest uses were operating cash flow ($77.0M) and net borrowing ($3.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.1M
Debt$1.2M
Net cash$852K
Cash runway1 month

GameSquare Holdings is burning cash: its operations consume cash, a free cash flow of −$20.7M a year at the current rate against $2.1M of cash and investments: a runway of about 1 month before any new financing.

Where the cash came from and went

GameSquare Holdings: sources (+) and uses (−) of cash, Q2 2026GameSquare Holdings: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$2.8MNet borrowing (+) / repaid (−)$2.6MOther investing$1.7MBuybacks−$1.2MCash drawn (+) / kept (−)−$267KCapital spending−$6KExchange rates$3K
GameSquare Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026GameSquare Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$66.7MOther investing−$60.2MOperating cash flow−$20.7MNet borrowing (+) / repaid (−)$12.1MCash drawn (+) / kept (−)$2.0MExchange rates$37KCapital spending−$9K

From profit to cash

GameSquare Holdings: net income to operating cash flow, Q2 2026GameSquare Holdings: net income to operating cash flow, Q2 2026Net income−$10.6MDepreciation & amortization$539KStock-based pay$332KReceivables−$630KPayables−$1.7MDeferred revenue−$436KPrepaid and other assets−$138KOperating cash flow−$2.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202654—200-146
Q1 202660—214-154
Q4 202555—186-131
Q3 2025107—358-252
Q2 2025183—411-229
Q1 2025240—535-295
Q4 2024283—458-175
Q3 2024261—546-285

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$2.8M−$6K−$1.2M$2.6M−$267K−$2.8M
Q1 2026−$6.4M−$3K−$770K$7.5M$2.2M−$6.4M
Q4 2025−$1.1M−$101—$2.1M$1.1M−$1.1M
Q3 2025−$10.4M——−$3.3M−$1.0M−$10.4M
Q2 2025$1.7M−$2K—$377K−$674K$1.7M
Q1 2025−$8.6M−$75K—$1.3M$7.3M−$8.7M
Q4 2024−$5.2M——$7.4M−$1.9M−$5.2M
Q3 2024−$7.8M−$3K—$4.8M$3.3M−$7.8M

GameSquare Holdings: income statement and cash flow

GameSquare Holdings, Q2 2026: revenue $18.5M (+137% year over year), operating margin -9.3%. The chart follows the revenue to costs, profit and cash.

GameSquare Holdings: 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.