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Prairie Operating cash flow, quarter by quarter

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

Free cash flow−$46.5M in Q2 2026 · −$17.9M over twelve months

Operating cash flow$52.0M
Capital spending−$98.5M
Free cash flow−$46.5M
Cash / net income0.5×

Analysis

In Q2 2026, Prairie Operating generated $52.0M of operating cash flow and spent $98.5M on capital projects, leaving free cash flow of −$46.5M. That is $24.3M less than in Q2 2025 (−$22.2M).

Over the twelve months to Jun 30, 2026, operating cash flow was $238M; the largest uses were capital spending ($256M), other investing ($21.2M), other financing ($21.1M); besides operations, cash came from net borrowing (+) / repaid (−) ($49.0M), shares issued ($1.9M); the cash balance fell by $10.6M.

Operating cash flow was $52.0M against net income of $109M — 0.5× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$17.1M, stock-based pay +$3.3M, contract assets −$1.6M.

Free cash flow

Prairie Operating: free cash flow by quarterPrairie Operating: free cash flow by quarter−$2.0MQ3 2024−$23.5MQ4 2024−$458MQ1 2025−$22.2MQ2 2025−$14.5MQ3 2025$35.0MQ4 2025$8.2MQ1 2026−$46.5MQ2 2026
Operating cash flow less capital spending.
Prairie Operating: operating cash flow against capital spendingPrairie Operating: operating cash flow against capital spendingOperating cash flowCapital spending$2.8M$4.8MQ3 2024−$3.7M$19.8MQ4 2024$16.9M$475MQ1 2025−$7.2M$15.0MQ2 2025$57.7M$72.2MQ3 2025$86.5M$51.5MQ4 2025$42.3M$34.1MQ1 2026$52.0M$98.5MQ2 2026
Latest (Q2 2026): Operating cash flow $52.0M, Capital spending $98.5M.

Capital allocation, year by year

Prairie Operating: where the cash came from (up) and went (down), by fiscal yearPrairie Operating: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$7.0MFY2021: Net borrowing $198KFY2021: Shares issued $4.0MFY2021: Capital spending −$2.3M$4.2MFY2021FY2022: Operating cash flow −$2.2MFY2022: Net borrowing $500KFY2022: Capital spending −$5.3M$500KFY2022FY2023: Operating cash flow −$11.9MFY2023: Net borrowing −$150KFY2023: Shares issued $32.4MFY2023: Capital spending −$200KFY2023: Acquisitions −$21.2M$32.4MFY2023FY2024: Operating cash flow −$9.3MFY2024: Net borrowing $38.5MFY2024: Shares issued $15.0MFY2024: Capital spending −$28.5M$53.5MFY2024FY2025: Operating cash flow $154MFY2025: Net borrowing $338MFY2025: Shares issued $193MFY2025: Capital spending −$460MFY2025: Buybacks −$531K$685MFY2025
Over these 5 years operating cash flow totalled $123M; the largest uses were capital spending ($496M) and operating cash flow ($30.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$21K
Debt$387M
Net debt$387M

Prairie Operating's operations bring cash in ($238M over twelve months), and it spends more than that on capital projects: a gap of $17.9M funded from its $21K of cash and investments and from borrowing ($387M of debt). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Prairie Operating: sources (+) and uses (−) of cash, Q2 2026Prairie Operating: sources (+) and uses (−) of cash, Q2 2026Capital spending−$98.5MNet borrowing (+) / repaid (−)$74.5MOperating cash flow$52.0MOther financing−$21.0MOther investing−$9.1MShares issued$1.9MCash drawn (+) / kept (−)$242KBuybacks−$59K
Prairie Operating: sources (+) and uses (−) of cash, TTM to Q2 2026Prairie Operating: sources (+) and uses (−) of cash, TTM to Q2 2026Capital spending−$256MOperating cash flow$238MNet borrowing (+) / repaid (−)$49.0MOther investing−$21.2MOther financing−$21.1MCash drawn (+) / kept (−)$10.6MShares issued$1.9MBuybacks−$1.4M

From profit to cash

Prairie Operating: net income to operating cash flow, Q2 2026Prairie Operating: net income to operating cash flow, Q2 2026Net income$109MDepreciation & amortization$17.1MStock-based pay$3.3MContract assets−$1.6MPrepaid and other assets−$1.6MOperating cash flow$52.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$52.0M−$98.5M−$59K$74.5M$1.9M$242K−$46.5M
Q1 2026$42.3M−$34.1M−$1.2M−$4.5M—−$243K$8.2M
Q4 2025$86.5M−$51.5M−$89K$1.0M—$10.6M$35.0M
Q3 2025$57.7M−$72.2M−$24K$30.0M—$13K−$14.5M
Q2 2025−$7.2M−$15.0M−$82K$10.0M$50K$4.3M−$22.2M
Q1 2025$16.9M−$475M−$336K$348M$193M−$9.8M−$458M
Q4 2024−$3.7M−$19.8M—$28.0M—$34.9M−$23.5M
Q3 2024$2.8M−$4.8M——−$9.0M−$37.8M−$2.0M

Prairie Operating: income statement and cash flow

Prairie Operating, Q2 2026: revenue $98.9M (+45% year over year), operating margin 130.3%. The chart follows the revenue to costs, profit and cash.

Prairie Operating: 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.