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Gulf Resources cash flow, quarter by quarter

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

Free cash flow−$6.5M in Q2 2026 · $5.7M over twelve months

Operating cash flow−$5.3M
Capital spending−$1.2M
Free cash flow−$6.5M
Cash / net income-4.7×

Analysis

In Q2 2026, Gulf Resources generated −$5.3M of operating cash flow and spent $1.2M on capital projects, leaving free cash flow of −$6.5M. That is $6.0M less than in Q2 2025 (−$560K).

Over the twelve months to Jun 30, 2026, operating cash flow was $5.7M; the largest uses were net borrowing (+) / repaid (−) ($274K); besides operations, cash came from other financing ($5.7M); the cash balance rose by $1.5M.

Operating cash flow was −$5.3M against net income of $1.1M — -4.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$12.7M, depreciation & amortization +$4.2M, prepaid and other assets +$1.3M.

Free cash flow

Gulf Resources: free cash flow by quarterGulf Resources: free cash flow by quarter−$31.1MQ3 2024$32.6MQ4 2024−$1.6MQ1 2025−$560KQ2 2025$6.7MQ3 2025$3.1MQ4 2025$576KQ1 2026−$6.5MQ2 2026
Operating cash flow less capital spending.
Gulf Resources: operating cash flow against capital spendingGulf Resources: operating cash flow against capital spendingOperating cash flowCapital spending$519K$31.6MQ3 2024$969K−$31.6MQ4 2024−$1.6M$0Q1 2025−$560K$0Q2 2025$6.7M$0Q3 2025$3.2M$175KQ4 2025$1.1M$515KQ1 2026−$5.3M$1.2MQ2 2026
Latest (Q2 2026): Operating cash flow −$5.3M, Capital spending $1.2M.

Capital allocation, year by year

Gulf Resources: where the cash came from (up) and went (down), by fiscal yearGulf Resources: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingFY2021: Operating cash flow $23.3MFY2021: Net borrowing −$291KFY2021: Capital spending −$30.1M$23.3MFY2021FY2022: Operating cash flow $51.1MFY2022: Net borrowing −$530KFY2022: Capital spending −$37.6M$51.1MFY2022FY2023: Operating cash flow −$32.8MFY2023: Net borrowing −$268KFY2023FY2024: Operating cash flow $676KFY2024: Net borrowing −$31.9MFY2024: Capital spending −$28.9M$676KFY2024FY2025: Operating cash flow $7.8MFY2025: Net borrowing $4.8MFY2025: Asset sales $208KFY2025: Capital spending −$8.8M$12.9MFY2025
Over these 5 years operating cash flow totalled $50.2M; the largest uses were capital spending ($105M) and net borrowing ($32.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$9.2M
Debt$5.4M
Net cash$3.8M

Gulf Resources funds itself: free cash flow was $5.7M over the last twelve months, and $9.2M of cash and investments stands against $5.4M of debt.

Where the cash came from and went

Gulf Resources: sources (+) and uses (−) of cash, Q2 2026Gulf Resources: sources (+) and uses (−) of cash, Q2 2026Other investing$8.9MOperating cash flow−$5.3MCash drawn (+) / kept (−)−$2.7MCapital spending−$1.2MExchange rates$268KOther financing−$3K
Gulf Resources: sources (+) and uses (−) of cash, TTM to Q2 2026Gulf Resources: sources (+) and uses (−) of cash, TTM to Q2 2026Not reconciled−$9.8MOperating cash flow$5.7MOther financing$5.7MCash drawn (+) / kept (−)−$1.5MNet borrowing (+) / repaid (−)−$274KExchange rates$186K

From profit to cash

Gulf Resources: net income to operating cash flow, Q2 2026Gulf Resources: net income to operating cash flow, Q2 2026Net income$1.1MDepreciation & amortization$4.2MReceivables−$12.7MInventory−$358KPayables$1.1MPrepaid and other assets$1.3MIncome taxes payable$151KOperating cash flow−$5.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$5.3M−$1.2M—−$2.7M−$6.5M
Q1 2026$1.1M−$515K$7K−$6.5M$576K
Q4 2025$3.2M−$175K−$2K$5.8M$3.1M
Q3 2025$6.7M——$1.9M$6.7M
Q2 2025−$560K——$787K−$560K
Q1 2025−$1.6M——$1.6M−$1.6M
Q4 2024$969K$31.6M−$31.6M$1.2M$32.6M
Q3 2024$519K−$31.6M—−$870K−$31.1M

Gulf Resources: income statement and cash flow

Gulf Resources, Q2 2026: revenue $12.9M (+54% year over year), operating margin 9.7%. The chart follows the revenue to costs, profit and cash.

Gulf Resources: 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.