Liquidity remains precarious, highlighted by a $49.6 million free cash flow burn in 2026Q3 and an OCF/NI ratio that fluctuated to -4.31 in 2026Q1.
| Metric | TTM | Jun'25 | Dec'23 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 |
|---|
| Cash from Operations | -52.43M | 698.99K | -9.43M | -14.68M | -13.95M | -8.38M | -1.39M | -1.07M | -1M | -1.14M | -692.56K | -1.5M | -9.58M | -8.57M | -2.91M | -2.5M | -824.75K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -44.24% | 107.41% | 35.74% | -5.26% | -66.45% | -501.87% | -30.08% | -6.9% | 12.41% | -65.02% | 53.87% | 84.33% | -11.84% | -194.2% | -16.38% | -203.34% | - |
| Net Income | -27.84M | -38.03M | -81.53M | -39.74M | -23.51M | 23.87M | -9.24M | -8.36M | -6.19M | -2.84M | -1.22M | -3.61M | -9.2M | -10.03M | -4.26M | -2.85M | -1.1M |
| Depreciation & Amortization | 165.45K | 121.88K | 117.81K | 136.5K | 55.74K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 2.56M | 2.64M | 3.25M | 2.93M | 3.99M | 3.89M | 3.37M | 2.99M | 2.47M | 1.79M | 507.68K | 724.74K | 1.18M | 1.48M | 251.21K | 63.68K | 0 |
| Deferred Taxes | 63.67K | -90.51K | 0 | 21.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -19.6M | 37.7M | 69.24M | 34.59K | 3.86M | -35.83M | 3.72M | 4.14M | 2.58M | 1.79M | 0 | 1.43M | -1.56K | 0 | 0 | 0 | 0 |
| Working Capital Changes | -7.78M | -1.64M | -505.8K | 833.23K | 1.65M | -308.81K | 759.06K | 157.36K | 139.1K | -93.94K | 19.98K | -52.13K | -1.56M | -15.81K | 1.1M | 288.72K | 277.89K |
| Change in Receivables | 0 | -649.13K | 0 | 0 | 198.13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 1.35M | 0 | 0 | 0 | -198.13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.83M | 0 | 0 | 793.79K | 1.27T | -867.29B | 670.11B | 162.88B | 118.98B | 23.68B | 10.76B | -83.65B | -1.56T | -51.3B | 1.16T | 133.61B | 0 |
| Cash from Investing | 31.3M | -32.13M | -34.39M | -21.12M | -15.39M | 27.35M | -3.72M | -4.14M | -2.58M | 0 | 0 | 0 | 0 | -200K | -150K | -75K | -1.01M |
| Capital Expenditures | -162.49K | 0 | -14.66K | 0 | -43.99K | -36.53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K | 0 | 0 | -1.01M |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | -350K | -32.11M | -719 | -21.12M | -15.35M | 27.39M | -3.72M | -4.14M | -2.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 30.79M | -23.67K | 8.05K | 21.12M | -15.35K | -27.39M | 3.72M | 4.14M | -2.58K | 0 | 0 | 0 | 0 | -200B | -150K | -75K | 0 |
| Cash from Financing | 83.48M | 36.01M | 47.68M | 24.35M | 17.44M | 13.23M | -476.67K | 0 | 12.2M | 5.08M | 0 | 0 | 0 | 14.03M | 8.43M | 4.97M | 1.83M |
| Debt Issued (Net) | -24.7M | 22.1M | 18.47M | 7.65M | 19.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 108.18M | 15.48M | 29.25M | 11.56M | -2.32M | -876.55K | -476.67K | 0 | 0 | -207.4K | 0 | 0 | 0 | 14.03M | 8.43M | 0 | 1.83M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -126 | -1.54M | -876.55K | -476.67K | 0 | 0 | -207.4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -1.57M | -48.31K | 5.14M | -208.24K | 14.11M | 0 | 0 | 12.2M | 5.29M | 0 | 0 | 0 | 0 | 0 | 4.97T | 0 |
| Net Change in Cash | 62.34M | 4.58M | -7.59M | -11.45M | -11.89M | 32.21M | -5.59M | -5.21M | 8.62M | 3.94M | -692.56K | -1.5M | -9.58M | 5.26M | 5.37M | 2.4T | 0 |
| Free Cash Flow | -52.59M | 698.99K | -9.44M | -14.68M | -13.99M | -8.41M | -1.39M | -1.07M | -1M | -1.14M | -692.56K | -1.5M | -9.58M | -8.77M | -2.91M | -2.5M | -1.83M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -256.16% | 107.4% | 35.69% | -4.93% | -66.25% | -504.49% | -30.08% | -6.9% | 12.41% | -65.02% | 53.87% | 84.33% | -9.29% | -201.07% | -16.38% | -36.44% | - |
| FCF per Share | -3.05 | 0.06 | -1.03 | -2.07 | -2.08 | -1.35 | -0.21 | -0.17 | -0.18 | -0.25 | -0.18 | -0.39 | -2.53 | -3.09 | -1.60 | -1.60 | -1.17 |
| FCF Conversion (FCF/Net Income) | 1.89x | -0.02x | 0.12x | 0.37x | 0.59x | -0.35x | 0.15x | 0.13x | 0.16x | 0.40x | 0.57x | 0.42x | 1.04x | 0.85x | 0.68x | 0.88x | 0.75x |
| Interest Paid | 761.75K | 7.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 656.24K | 0 | 0 | 218.55K | 1.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Logistical and liquidity constraints
According to quarterly financial data, the company exhibits extreme volatility in the relationship between net income and operating cash flow, with OCF/NI ratios swinging from -4.31 in 2026Q1 to 3.47 in 2026Q3, highlighting the absence of a stable, revenue-generating operational core for this development-stage entity.
The wide variance in the OCF/NI ratio suggests that cash movements are currently driven by project-specific capital calls and working capital adjustments rather than core operational performance. Investors should interpret these fluctuations as a reflection of the company's pre-revenue status, where accounting losses do not necessarily correlate with the immediate cash requirements of the Manh Choh project.
As reported in recent financial statements, the company's free cash flow trajectory remains highly inconsistent, oscillating between a peak inflow of $28.6 million in 2025Q3 and a significant cash burn of $49.6 million in 2026Q3, underscoring the unpredictable nature of its current development-stage cash requirements.
The lack of a consistent positive FCF trend indicates that the company is currently in a high-intensity capital deployment phase. This volatility appears to be a direct consequence of the joint venture structure, where cash outflows are dictated by external project milestones rather than internal operational efficiency.
Based on reported figures, working capital changes have been a primary driver of cash flow variability, with a notable $8.6 million inflow in 2026Q1 followed by a $7.7 million outflow in 2026Q2, suggesting that the company's liquidity is highly sensitive to the timing of project-related payables and receivables.
These swings in working capital likely reflect the intermittent nature of payments to contractors and the timing of capital calls from the Kinross joint venture. Such instability warrants further investigation into whether these fluctuations represent temporary timing differences or a more permanent strain on the company's available cash reserves.
Analysis of historical cash flow statements reveals that the company has consistently utilized cash for acquisitions, including a $15.4 million outlay in 2024Q3, which effectively masks the true extent of the firm's operational cash burn by reclassifying development-related expenditures as investment activities.
By categorizing these outlays as acquisitions rather than operating expenses, the company may be presenting a more favorable view of its core operational cash flow than is actually occurring. Investors should monitor these investment-related cash outflows closely, as they represent a significant drain on capital that is essential for the eventual transition to production.
Quick answers to the most common questions about buying CTGO stock.
Contango Ore, Inc. (CTGO) generated $0.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Contango Ore, Inc. (CTGO) generated $0.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Contango Ore, Inc. (CTGO) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.