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Star cash flow, quarter by quarter

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

Free cash flow−$9.4M in Q3 2026 · −$34.0M over twelve months

Operating cash flow−$9.2M
Capital spending−$229K
Free cash flow−$9.4M

Analysis

In Q3 2026, Star generated −$9.2M of operating cash flow and spent $229K on capital projects, leaving free cash flow of −$9.4M. That is $14.3M less than in Q3 2025 ($5.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$28.4M; the largest uses were operating cash flow ($28.4M), net borrowing (+) / repaid (−) ($26.5M), buybacks ($6.5M); besides operations, cash came from other investing ($82.6M); the cash balance rose by $15.4M.

Operating cash flow was −$9.2M against net income of −$45.1M. The largest differences: depreciation & amortization +$791K, payables +$249K, prepaid and other assets +$203K.

Free cash flow

Star: free cash flow by quarterStar: free cash flow by quarter−$6.9MQ4 2024−$6.6MQ1 2025−$2.8MQ2 2025$5.0MQ3 2025−$12.9MQ4 2025−$8.8MQ1 2026−$2.9MQ2 2026−$9.4MQ3 2026
Operating cash flow less capital spending.
Star: operating cash flow against capital spendingStar: operating cash flow against capital spendingOperating cash flowCapital spending−$6.9M$30KQ4 2024−$6.3M$305KQ1 2025−$2.6M$172KQ2 2025$5.3M$356KQ3 2025−$8.0M$4.9MQ4 2025−$8.4M$421KQ1 2026−$2.8M$106KQ2 2026−$9.2M$229KQ3 2026
Latest (Q3 2026): Operating cash flow −$9.2M, Capital spending $229K.

Capital allocation, year by year

Star: where the cash came from (up) and went (down), by fiscal yearStar: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksFY2021: Operating cash flow $8.5MFY2021: Asset sales $127MFY2021: Capital spending −$677K$136MFY2021FY2022: Operating cash flow −$27.4MFY2022: Asset sales $39.6MFY2022: Capital spending −$676K$39.6MFY2022FY2023: Operating cash flow −$18.7MFY2023: Net borrowing $183MFY2023: Capital spending −$997K$183MFY2023FY2024: Operating cash flow −$31.3MFY2024: Net borrowing $15.8MFY2024: Asset sales $5.4MFY2024: Capital spending −$682K$21.3MFY2024FY2025: Operating cash flow −$11.7MFY2025: Net borrowing $43.2MFY2025: Capital spending −$5.7MFY2025: Buybacks −$8.0M$43.2MFY2025
Over these 5 years operating cash flow totalled −$80.5M; the largest uses were operating cash flow ($89.0M) and capital spending ($8.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$63.6M
Debt$159M
Net debt$95.0M
Cash runway22 months

Star is burning cash: its operations consume cash, a free cash flow of −$34.0M a year at the current rate against $63.6M of cash and investments: a runway of about 22 months before any new financing.

Where the cash came from and went

Star: sources (+) and uses (−) of cash, Q3 2026Star: sources (+) and uses (−) of cash, Q3 2026Other investing$66.2MOther financing−$38.4MCash drawn (+) / kept (−)−$18.3MOperating cash flow−$9.2MCapital spending−$229K
Star: sources (+) and uses (−) of cash, TTM to Q3 2026Star: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$82.6MOperating cash flow−$28.4MNet borrowing (+) / repaid (−)−$26.5MCash drawn (+) / kept (−)−$15.4MBuybacks−$6.5MCapital spending−$5.6MOther financing−$187K

From profit to cash

Star: net income to operating cash flow, Q3 2026Star: net income to operating cash flow, Q3 2026Net income−$45.1MDepreciation & amortization$791KPayables$249KPrepaid and other assets$203KOperating cash flow−$9.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$9.2M−$229K——−$18.3M−$9.4M
Q2 2026−$2.8M−$106K——$9.3M−$2.9M
Q1 2026−$8.4M−$421K−$2.0M$4.8M$5.1M−$8.8M
Q4 2025−$8.0M−$4.9M−$4.5M$7.1M−$11.4M−$12.9M
Q3 2025$5.3M−$356K−$3.3M$11.8M$111K$5.0M
Q2 2025−$2.6M−$172K—$11.9M−$12.9M−$2.8M
Q1 2025−$6.3M−$305K—$12.3M$2.5M−$6.6M
Q4 2024−$6.9M−$30K—$14.0M$9.0M−$6.9M

Star: income statement and cash flow

Star, Q3 2026: revenue $39.9M (+42% year over year), operating margin 8.9%. The chart follows the revenue to costs, profit and cash.

Star: 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.