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Hyperliquid Strategies cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$17.1M in Q1 FY27 · −$36.1M over twelve months

Operating cash flow−$17.1M
Free cash flow−$17.1M
Cash / net income-0.0×

Analysis

In Q1 FY27, Hyperliquid Strategies generated −$17.1M of operating cash flow. That is $17.0M less than in Q1 FY26 (−$84K).

Over the twelve months to Sep 30, 2026, operating cash flow was −$36.1M; the largest uses were other investing ($1.6B), operating cash flow ($36.1M), buybacks ($27.8M); besides operations, cash came from shares issued ($1.9B); the cash balance rose by $254M.

Operating cash flow was −$17.1M against net income of $621M — -0.0× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred taxes +$172M, other liabilities +$2.0M, stock-based pay +$1.7M.

Free cash flow

Hyperliquid Strategies: free cash flow by quarterHyperliquid Strategies: free cash flow by quarter−$84KQ1 FY26−$8.2MQ2 FY26−$7.0MQ3 FY26−$3.8MQ4 FY26−$17.1MQ1 FY27
Operating cash flow less capital spending.
Hyperliquid Strategies: operating cash flow against capital spendingHyperliquid Strategies: operating cash flow against capital spendingOperating cash flowCapital spending−$84K$0Q1 FY26−$8.2M$0Q2 FY26−$7.0M$0Q3 FY26−$3.8M$0Q4 FY26−$17.1M$0Q1 FY27
Latest (Q1 FY27): Operating cash flow −$17.1M, Capital spending $0.

Cash runway and the debt wall

Cash & investments$255M
Debtnone
Net cash$255M
Cash runway7.0 years

Hyperliquid Strategies is burning cash: its operations consume cash, a free cash flow of −$36.1M a year at the current rate against $255M of cash and investments: a runway of about 7.0 years before any new financing.

Where the cash came from and went

Hyperliquid Strategies: sources (+) and uses (−) of cash, Q1 FY27Hyperliquid Strategies: sources (+) and uses (−) of cash, Q1 FY27Shares issued$925MOther investing−$774MCash drawn (+) / kept (−)−$117MBuybacks−$17.3MOperating cash flow−$17.1M
Hyperliquid Strategies: sources (+) and uses (−) of cash, TTM to Q1 FY27Hyperliquid Strategies: sources (+) and uses (−) of cash, TTM to Q1 FY27Shares issued$1.9BOther investing−$1.6BCash drawn (+) / kept (−)−$254MOperating cash flow−$36.1MBuybacks−$27.8MOther financing−$2.3M

From profit to cash

Hyperliquid Strategies: net income to operating cash flow, Q1 FY27Hyperliquid Strategies: net income to operating cash flow, Q1 FY27Net income$621MStock-based pay$1.7MDeferred taxes$172MReceivables$5KPayables$443KPrepaid and other assets$1.0MOther liabilities$2.0MOperating cash flow−$17.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27−$17.1M−$17.3M$925M−$117M−$17.1M
Q4 FY26−$3.8M$91K$645M−$24.9M−$3.8M
Q3 FY26−$7.0M−$1.1M$1.5M$169M−$7.0M
Q2 FY26−$8.2M−$9.4M$300M−$282M−$8.2M
Q1 FY26−$84K—$297K−$213K−$84K

Hyperliquid Strategies: income statement and cash flow

Hyperliquid Strategies, Q1 FY27: revenue $12.2M. The chart follows the revenue to costs, profit and cash.

Hyperliquid Strategies: 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.