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Kingsway cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$4.1M in Q3 2026 · $5.3M over twelve months

Operating cash flow$4.1M
Free cash flow+$4.1M

Analysis

In Q3 2026, Kingsway generated $4.1M of operating cash flow. That is $2.8M more than in Q3 2025 ($1.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.3M; the largest uses were other financing ($4.5M), acquisitions ($2.6M), partners ($707K); besides operations, cash came from other investing ($2.3M); the cash balance fell by $719K.

Operating cash flow was $4.1M against net income of −$3.1M. The largest differences: depreciation & amortization +$2.4M, deferred revenue +$1.3M, gains on investments +$875K.

Free cash flow

Kingsway: free cash flow by quarterKingsway: free cash flow by quarter−$107KQ4 2024−$1.9MQ1 2025$400KQ2 2025$1.3MQ3 2025−$10KQ4 2025−$398KQ1 2026$754KQ2 2026$4.1MQ3 2026
Operating cash flow less capital spending.
Kingsway: operating cash flow against capital spendingKingsway: operating cash flow against capital spendingOperating cash flowCapital spending−$107K$0Q4 2024−$1.8M$63KQ1 2025$337K−$63KQ2 2025$1.5M$188KQ3 2025−$10K$0Q4 2025−$8K$390KQ1 2026$1.2M$450KQ2 2026$4.1M$0Q3 2026
Latest (Q3 2026): Operating cash flow $4.1M, Capital spending $0.

Capital allocation, year by year

Kingsway: where the cash came from (up) and went (down), by fiscal yearKingsway: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$5.9MFY2021: Net borrowing $3.8MFY2021: Capital spending −$830KFY2021: Acquisitions −$10.0M$3.8MFY2021FY2022: Operating cash flow −$14.6MFY2022: Net borrowing −$6.4MFY2022: Asset sales $12.2MFY2022: Acquisitions −$13.7M$12.2MFY2022FY2023: Operating cash flow −$26.2MFY2023: Acquisitions −$13.6MFY2023: Buybacks −$3.2MFY2023FY2024: Operating cash flow $1.1MFY2024: Net borrowing −$21.6MFY2024: Shares issued $8.2MFY2024: Asset sales $1.1MFY2024: Acquisitions −$20.1MFY2024: Buybacks −$2.5M$10.5MFY2024FY2025: Operating cash flow −$3KFY2025: Shares issued $23.6MFY2025: Acquisitions −$29.2MFY2025: Buybacks −$345K$23.6MFY2025
Over these 5 years operating cash flow totalled −$45.6M; the largest uses were acquisitions ($86.6M) and operating cash flow ($46.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$8.5M
Debt$50.7M
Net debt$42.2M
Due within a year$9.7M

Kingsway funds itself: free cash flow was $5.3M over the last twelve months, and $8.5M of cash and investments stands against $50.7M of debt ($9.7M due within a year, 0.9× covered by cash).

Kingsway: debt maturities by year (FY2025)Kingsway: debt maturities by year (FY2025)$9.7MYear 1$12.2MYear 2$8.6MYear 3$12.8MYear 4$6.8MYear 5$22.6MAfter year 5
Principal due in each year as disclosed in the annual report, against $8.5M of cash and investments now.

Where the cash came from and went

Kingsway: sources (+) and uses (−) of cash, Q3 2026Kingsway: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$4.1MAcquisitions−$3.2MCash drawn (+) / kept (−)−$1.1MOther financing$913KOther investing−$750K
Kingsway: sources (+) and uses (−) of cash, TTM to Q3 2026Kingsway: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$5.3MOther financing−$4.5MAcquisitions−$2.6MOther investing$2.3MCash drawn (+) / kept (−)$719KPartners−$707KTaxes on employees’ shares−$428K

From profit to cash

Kingsway: net income to operating cash flow, Q3 2026Kingsway: net income to operating cash flow, Q3 2026Net income−$3.1MDepreciation & amortization$2.4MStock-based pay$463KGains on investments$875KOther non-cash$274KDeferred revenue$1.3MOther operating capital$473KOperating cash flow$4.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$4.1M—−$3.2M———−$1.1M$4.1M
Q2 2026$1.2M−$450K$840K———$4K$754K
Q1 2026−$8K−$390K−$840K———$1.2M−$398K
Q4 2025−$10K—$564K———$558K−$10K
Q3 2025$1.5M−$188K−$16.1M—−$18K—$2.6M$1.3M
Q2 2025$337K$63K−$10.1M—$8.5M$2.0M−$5.5M$400K
Q1 2025−$1.8M−$63K−$3.5M−$345K—$6.0M−$824K−$1.9M
Q4 2024−$107K—−$38K—−$21.6M—$2.0M−$107K

Kingsway: income statement and cash flow

Kingsway, Q3 2026: revenue $38.9M (+4% year over year), operating margin 1.1%. The chart follows the revenue to costs, profit and cash.

Kingsway: 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.