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McEwen cash flow, quarter by quarter

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

Free cash flow$46.2M in Q2 2026 · $66.6M over twelve months

Operating cash flow$46.2M
Free cash flow+$46.2M
Cash / net income4.8×
Cash conversion cycle-41 days

Analysis

In Q2 2026, McEwen generated $46.2M of operating cash flow. That is $45.7M more than in Q2 2025 ($478K).

Over the twelve months to Jun 30, 2026, operating cash flow was $66.6M; the largest uses were other investing ($64.9M), net borrowing (+) / repaid (−) ($1.1M); besides operations, cash came from other financing ($24.1M); the cash balance rose by $26.0M.

Operating cash flow was $46.2M against net income of $9.6M — 4.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$8.2M, inventory −$6.2M, deferred revenue +$6.2M.

Its cash conversion cycle was -41 days (receivables 4 + inventory 86 − payables 130): suppliers fund its working capital.

Free cash flow

McEwen: free cash flow by quarterMcEwen: free cash flow by quarter$23.2MQ3 2024−$1.2MQ4 2024−$1.9MQ1 2025$478KQ2 2025$5.2MQ3 2025$3.1MQ4 2025$12.1MQ1 2026$46.2MQ2 2026
Operating cash flow less capital spending.
McEwen: operating cash flow against capital spendingMcEwen: operating cash flow against capital spendingOperating cash flowCapital spending$23.2M$0Q3 2024−$1.2M$0Q4 2024−$1.9M$0Q1 2025$478K$0Q2 2025$5.2M$0Q3 2025$3.1M$0Q4 2025$12.1M$0Q1 2026$46.2M$0Q2 2026
Latest (Q2 2026): Operating cash flow $46.2M, Capital spending $0.

Capital allocation, year by year

McEwen: where the cash came from (up) and went (down), by fiscal yearMcEwen: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesFY2021: Operating cash flow −$20.1MFY2021: Net borrowing −$3.4MFY2021: Shares issued $29.9MFY2021: Asset sales $492K$30.4MFY2021FY2022: Operating cash flow −$56.6MFY2022: Net borrowing −$2.3MFY2022: Shares issued $41.3M$41.3MFY2022FY2023: Operating cash flow −$39.6MFY2023: Net borrowing −$26.6MFY2023FY2024: Operating cash flow $29.5MFY2024: Net borrowing −$1.2MFY2024: Shares issued $9K$29.5MFY2024FY2025: Operating cash flow $6.9MFY2025: Net borrowing $88.9MFY2025: Shares issued $3.5M$99.3MFY2025
Over these 5 years operating cash flow totalled −$80.0M; the largest uses were operating cash flow ($116M) and net borrowing ($33.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$91.7M
Debt$127M
Net debt$34.9M
Due within a year$6.0M

McEwen funds itself: free cash flow was $66.6M over the last twelve months, and $91.7M of cash and investments stands against $127M of debt ($6.0M due within a year, 15.3× covered by cash).

Where the cash came from and went

McEwen: sources (+) and uses (−) of cash, Q2 2026McEwen: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$46.2MOther investing−$24.6MCash drawn (+) / kept (−)−$22.6MExchange rates$1.0MNet borrowing (+) / repaid (−)−$262KOther financing$233K
McEwen: sources (+) and uses (−) of cash, TTM to Q2 2026McEwen: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$66.6MOther investing−$64.9MCash drawn (+) / kept (−)−$26.0MOther financing$24.1MExchange rates$1.2MNet borrowing (+) / repaid (−)−$1.1M

From profit to cash

McEwen: net income to operating cash flow, Q2 2026McEwen: net income to operating cash flow, Q2 2026Net income$9.6MDepreciation & amortization$8.2MDeferred taxes−$2.4MGains on investments$717KOther non-cash−$1.1MInventory−$6.2MPayables−$2.7MDeferred revenue$6.2MPrepaid and other assets−$2.6MOther liabilities−$4.3MOperating cash flow$46.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026486130-41
Q1 2026773117-37

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$46.2M−$262K—−$22.6M$46.2M
Q1 2026$12.1M−$296K—−$5.7M$12.1M
Q4 2025$3.1M−$288K$340K−$10K$3.1M
Q3 2025$5.2M−$252K—$2.3M$5.2M
Q2 2025$478K−$316K—$14.9M$478K
Q1 2025−$1.9M$89.8M—−$55.0M−$1.9M
Q4 2024−$1.2M−$335K$1K$14.8M−$1.2M
Q3 2024$23.2M−$502K—$10.9M$23.2M

McEwen: income statement and cash flow

McEwen, Q2 2026: revenue $59.2M (+27% year over year), operating margin 13.0%. The chart follows the revenue to costs, profit and cash.

McEwen: 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.