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Belpointe Prep, LLC cash flow, quarter by quarter

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

Free cash flow−$2.4M in Q3 2026 · −$39.7M over twelve months

Operating cash flow−$1.9M
Capital spending−$574K
Free cash flow−$2.4M

Analysis

In Q3 2026, Belpointe Prep, LLC generated −$1.9M of operating cash flow and spent $574K on capital projects, leaving free cash flow of −$2.4M. That is $15.3M more than in Q3 2025 (−$17.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$22.1M; the largest uses were operating cash flow ($22.1M), capital spending ($17.6M), other investing ($5.2M); besides operations, cash came from other financing ($18.7M), shares issued ($9.0M); the cash balance fell by $10.7M.

Operating cash flow was −$1.9M against net income of −$8.7M. The largest differences: depreciation & amortization +$3.8M, accrued liabilities +$1.6M, prepaid and other assets +$443K.

Free cash flow

Belpointe Prep, LLC: free cash flow by quarterBelpointe Prep, LLC: free cash flow by quarter−$32.2MQ4 2024−$27.2MQ1 2025−$26.0MQ2 2025−$17.7MQ3 2025−$16.1MQ4 2025−$16.3MQ1 2026−$4.9MQ2 2026−$2.4MQ3 2026
Operating cash flow less capital spending.
Belpointe Prep, LLC: operating cash flow against capital spendingBelpointe Prep, LLC: operating cash flow against capital spendingOperating cash flowCapital spending−$5.0M$27.2MQ4 2024−$6.6M$20.6MQ1 2025−$2.4M$23.6MQ2 2025−$6.0M$11.7MQ3 2025−$10.2M$5.9MQ4 2025−$6.1M$10.2MQ1 2026−$3.9M$950KQ2 2026−$1.9M$574KQ3 2026
Latest (Q3 2026): Operating cash flow −$1.9M, Capital spending $574K.

Capital allocation, year by year

Belpointe Prep, LLC: where the cash came from (up) and went (down), by fiscal yearBelpointe Prep, LLC: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$2.3MFY2021: Net borrowing $39.0MFY2021: Shares issued $193MFY2021: Capital spending −$7.9M$232MFY2021FY2022: Operating cash flow −$6.7MFY2022: Net borrowing −$10.8MFY2022: Shares issued $14.1MFY2022: Capital spending −$39.6M$14.1MFY2022FY2023: Operating cash flow −$6.9MFY2023: Net borrowing $21.9MFY2023: Shares issued $7.9MFY2023: Capital spending −$140M$29.8MFY2023FY2024: Operating cash flow −$13.7MFY2024: Net borrowing $50.4MFY2024: Shares issued $3.1MFY2024: Capital spending −$138M$53.4MFY2024FY2025: Operating cash flow −$25.2MFY2025: Net borrowing $123MFY2025: Shares issued $11.3MFY2025: Capital spending −$61.8M$134MFY2025
Over these 5 years operating cash flow totalled −$54.8M; the largest uses were capital spending ($387M) and operating cash flow ($54.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$16.8M
Debt$283M
Net debt$266M
Cash runway5 months

Belpointe Prep, LLC is burning cash: its operations consume cash, a free cash flow of −$39.7M a year at the current rate against $16.8M of cash and investments: a runway of about 5 months before any new financing.

Where the cash came from and went

Belpointe Prep, LLC: sources (+) and uses (−) of cash, Q3 2026Belpointe Prep, LLC: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$3.1MShares issued$2.3MOperating cash flow−$1.9MNet borrowing (+) / repaid (−)$1.6MOther financing$1.6MCapital spending−$574KOther investing−$33K
Belpointe Prep, LLC: sources (+) and uses (−) of cash, TTM to Q3 2026Belpointe Prep, LLC: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$22.1MOther financing$18.7MCapital spending−$17.6MCash drawn (+) / kept (−)$10.7MShares issued$9.0MNet borrowing (+) / repaid (−)$6.6MOther investing−$5.2M

From profit to cash

Belpointe Prep, LLC: net income to operating cash flow, Q3 2026Belpointe Prep, LLC: net income to operating cash flow, Q3 2026Net income−$8.7MDepreciation & amortization$3.8MPayables$251KAccrued liabilities$1.6MPrepaid and other assets$443KOperating cash flow−$1.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$1.9M−$574K$1.6M$2.3M−$3.1M−$2.4M
Q2 2026−$3.9M−$950K$1.7M$566K$1.2M−$4.9M
Q1 2026−$6.1M−$10.2M$2.2M$3.2M$5.4M−$16.3M
Q4 2025−$10.2M−$5.9M$1.1M$2.9M$7.1M−$16.1M
Q3 2025−$6.0M−$11.7M$173M$4.4M−$6.1M−$17.7M
Q2 2025−$2.4M−$23.6M$1.6M$3.8M−$2.2M−$26.0M
Q1 2025−$6.6M−$20.6M$1.5M$270K$1.3M−$27.2M
Q4 2024−$5.0M−$27.2M$1.5M$1.4M−$1.3M−$32.2M

Belpointe Prep, LLC: income statement and cash flow

Belpointe Prep, LLC, Q3 2026: revenue $6.3M (+166% year over year), operating margin -137.7%. The chart follows the revenue to costs, profit and cash.

Belpointe Prep, LLC: 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.