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Solana cash flow, quarter by quarter

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

Free cash flow−$11.9M in Q2 2026 · −$26.9M over twelve months

Operating cash flow−$11.9M
Free cash flow−$11.9M

Analysis

In Q2 2026, Solana generated −$11.9M of operating cash flow. That is $9.1M less than in Q2 2025 (−$2.8M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$26.9M; the largest uses were other investing ($416M), operating cash flow ($26.9M); besides operations, cash came from other financing ($410M), shares issued ($29.8M); the cash balance fell by $2.4M.

Operating cash flow was −$11.9M against net income of −$30.3M. The largest differences: payables −$850K, prepaid and other assets +$288K, other non-cash +$271K.

Free cash flow

Solana: free cash flow by quarterSolana: free cash flow by quarter−$2.8MQ3 2024−$2.4MQ4 2024−$3.5MQ1 2025−$2.8MQ2 2025−$4.0MQ3 2025−$6.2MQ4 2025−$4.8MQ1 2026−$11.9MQ2 2026
Operating cash flow less capital spending.
Solana: operating cash flow against capital spendingSolana: operating cash flow against capital spendingOperating cash flowCapital spending−$2.8M$0Q3 2024−$2.4M$0Q4 2024−$3.5M$0Q1 2025−$2.8M$0Q2 2025−$4.0M$0Q3 2025−$6.2M$0Q4 2025−$4.8M$0Q1 2026−$11.9M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$11.9M, Capital spending $0.

Capital allocation, year by year

Solana: where the cash came from (up) and went (down), by fiscal yearSolana: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$13.4MFY2021: Shares issued $22.7MFY2021: Capital spending −$54K$22.7MFY2021FY2022: Operating cash flow −$14.3MFY2022: Shares issued $18.6MFY2022: Asset sales $6KFY2022: Capital spending −$17K$18.6MFY2022FY2023: Operating cash flow −$10.4MFY2023: Shares issued $500KFY2023: Capital spending −$29K$500KFY2023FY2024: Operating cash flow −$11.0MFY2024: Shares issued $3.0MFY2024: Capital spending −$5K$3.0MFY2024FY2025: Operating cash flow −$16.5MFY2025: Net borrowing −$680KFY2025: Shares issued $29.9M$29.9MFY2025
Over these 5 years operating cash flow totalled −$65.7M; the largest uses were operating cash flow ($65.7M) and net borrowing ($680K). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.6M
Debtnone
Net cash$3.6M
Cash runway2 months

Solana is burning cash: its operations consume cash, a free cash flow of −$26.9M a year at the current rate against $3.6M of cash and investments: a runway of about 2 months before any new financing.

Where the cash came from and went

Solana: sources (+) and uses (−) of cash, Q2 2026Solana: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$11.9MOther financing$8.0MOther investing$5.5MBuybacks−$2.3MCash drawn (+) / kept (−)$748K
Solana: sources (+) and uses (−) of cash, TTM to Q2 2026Solana: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$416MOther financing$410MShares issued$29.8MOperating cash flow−$26.9MCash drawn (+) / kept (−)$2.4MNot reconciled$1K

From profit to cash

Solana: net income to operating cash flow, Q2 2026Solana: net income to operating cash flow, Q2 2026Net income−$30.3MStock-based pay$63KOther non-cash$271KPayables−$850KAccrued liabilities−$239KPrepaid and other assets$288KOperating cash flow−$11.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 20242954148387
Q3 202413239249925

Every quarter

QuarterOperating cash flowBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$11.9M−$2.3M—$748K−$11.9M
Q1 2026−$4.8M−$3.5M—$2.9M−$4.8M
Q4 2025−$6.2M——$117M−$6.2M
Q3 2025−$4.0M——−$118M−$4.0M
Q2 2025−$2.8M——−$5.0M−$2.8M
Q1 2025−$3.5M—$77K−$21K−$3.5M
Q4 2024−$2.4M——$2.4M−$2.4M
Q3 2024−$2.8M——$2.9M−$2.8M

Solana: income statement and cash flow

Solana, Q2 2026: revenue $2.5M (59× year over year). The chart follows the revenue to costs, profit and cash.

Solana: 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.