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TerrAscend cash flow, quarter by quarter

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

Free cash flow$6.1M in Q3 2026 · $25.0M over twelve months

Operating cash flow$8.8M
Capital spending−$2.7M
Free cash flow+$6.1M
Cash conversion cycle25 days

Analysis

In Q3 2026, TerrAscend generated $8.8M of operating cash flow and spent $2.7M on capital projects, leaving free cash flow of $6.1M. That is $5.7M more than in Q3 2025 ($445K).

Over the twelve months to Sep 30, 2026, operating cash flow was $31.9M; the largest uses were other financing ($16.3M), capital spending ($6.9M), other investing ($1.7M); the cash balance rose by $5.9M.

Operating cash flow was $8.8M against net income of −$5.5M. The largest differences: income taxes payable +$12.3M, receivables +$1.9M, inventory +$1.8M.

Its cash conversion cycle was 25 days (receivables 21 + inventory 109 − payables 105).

Free cash flow

TerrAscend: free cash flow by quarterTerrAscend: free cash flow by quarter$7.0MQ4 2024$5.6MQ1 2025$525KQ2 2025$445KQ3 2025$6.3MQ4 2025$7.6MQ1 2026$4.9MQ2 2026$6.1MQ3 2026
Operating cash flow less capital spending.
TerrAscend: operating cash flow against capital spendingTerrAscend: operating cash flow against capital spendingOperating cash flowCapital spending$9.7M$2.8MQ4 2024$8.0M$2.4MQ1 2025$2.8M$2.3MQ2 2025$2.7M$2.2MQ3 2025$8.0M$1.7MQ4 2025$8.5M$865KQ1 2026$6.6M$1.6MQ2 2026$8.8M$2.7MQ3 2026
Latest (Q3 2026): Operating cash flow $8.8M, Capital spending $2.7M.

Capital allocation, year by year

TerrAscend: where the cash came from (up) and went (down), by fiscal yearTerrAscend: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$31.8MFY2021: Net borrowing −$3.8MFY2021: Capital spending −$39.8MFY2021: Acquisitions −$29.7MFY2021FY2022: Operating cash flow −$26.1MFY2022: Net borrowing $978KFY2022: Capital spending −$39.6MFY2022: Acquisitions −$7.0M$978KFY2022FY2023: Operating cash flow $27.5MFY2023: Net borrowing −$19.0MFY2023: Shares issued $98KFY2023: Capital spending −$4.9MFY2023: Acquisitions −$750K$27.6MFY2023FY2024: Operating cash flow $38.0MFY2024: Net borrowing −$7.7MFY2024: Capital spending −$6.9MFY2024: Acquisitions −$4.9MFY2024: Buybacks −$215K$38.0MFY2024FY2025: Operating cash flow $21.5MFY2025: Net borrowing $8.5MFY2025: Capital spending −$8.6MFY2025: Acquisitions −$386KFY2025: Buybacks −$410K$30.0MFY2025
Over these 5 years operating cash flow totalled $29.0M; the largest uses were capital spending ($99.8M) and operating cash flow ($57.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$42.6M
Debt$209M
Net debt$166M
Due within a year$5.5M

TerrAscend funds itself: free cash flow was $25.0M over the last twelve months, and $42.6M of cash and investments stands against $209M of debt ($5.5M due within a year, 7.8× covered by cash).

TerrAscend: debt maturities by year (FY2025)TerrAscend: debt maturities by year (FY2025)$5.5MYear 1$6.0MYear 2$214MYear 3$7KYear 4$4KYear 5
Principal due in each year as disclosed in the annual report, against $42.6M of cash and investments now.

Where the cash came from and went

TerrAscend: sources (+) and uses (−) of cash, Q3 2026TerrAscend: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$8.8MOther investing−$3.1MCapital spending−$2.7MOther financing−$1.9MBuybacks−$634KCash drawn (+) / kept (−)−$517KShares issued$67KExchange rates−$49K
TerrAscend: sources (+) and uses (−) of cash, TTM to Q3 2026TerrAscend: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$31.9MOther financing−$16.3MCapital spending−$6.9MCash drawn (+) / kept (−)−$5.9MOther investing−$1.7MBuybacks−$1.1MExchange rates−$13K

From profit to cash

TerrAscend: net income to operating cash flow, Q3 2026TerrAscend: net income to operating cash flow, Q3 2026Net income−$5.5MDepreciation & amortization$1.4MStock-based pay$746KDeferred taxes−$158KReceivables$1.9MInventory$1.8MIncome taxes payable$12.3MOther operating capital−$20KOperating cash flow$8.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20262110910525
Q2 20262211111815
Q1 2026221021168
Q4 2025249911012
Q3 20252610210821
Q2 20252711811629
Q1 20252713212830
Q4 20242613412733

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$8.8M−$2.7M—−$634K—$67K−$517K$6.1M
Q2 2026$6.6M−$1.6M—−$314K——−$2.9M$4.9M
Q1 2026$8.5M−$865K—−$77K——−$1.6M$7.6M
Q4 2025$8.0M−$1.7M—−$33K−$4.6M—−$898K$6.3M
Q3 2025$2.7M−$2.2M——$10.0M—−$9.8M$445K
Q2 2025$2.8M−$2.3M—−$146K−$986K—$2.6M$525K
Q1 2025$8.0M−$2.4M−$386K−$231K−$980K—−$2.4M$5.6M
Q4 2024$9.7M−$2.8M$2K−$77K−$706K—$255K$7.0M

TerrAscend: income statement and cash flow

TerrAscend, Q3 2026: revenue $68.2M (+5% year over year), operating margin 15.1%. The chart follows the revenue to costs, profit and cash.

TerrAscend: 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.