Liquidity remains constrained as evidenced by a negative free cash flow margin of -44.3% in 2026Q1, highlighting the firm's inability to fund operations through internal cash generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Mar'15 | Mar'14 | Mar'13 | Mar'12 |
|---|
| Cash from Operations | -16.13M | -18.4M | -30.57M | -16.08M | -20.61M | -30.4M | -13.02M | -4.66M | -5.37M | -3.95M | -129.13K | -202.62K | -152.18K | -28.98K |
| Operating CF Margin % | - | -40.89% | -31.78% | -38.93% | -73.41% | -91.16% | -123.51% | -110.55% | -152.03% | -1279.31% | - | - | - | - |
| Operating CF Growth % | 189.48% | 39.82% | -90.13% | 22% | 32.18% | -133.37% | -179.23% | 13.17% | -35.88% | -2961.71% | 36.27% | -33.15% | -425.04% | - |
| Net Income | -52.65M | -42.12M | -50M | -26.28M | -16.47M | -24.48M | -26.48M | -13.84M | -9.63M | -10.06M | -83K | -144.88K | -218.12K | -110.25K |
| Depreciation & Amortization | 1.81M | 2.03M | 3.98M | 3.63M | 1.24M | 1.11M | 3.55M | 2.39M | 1.73M | 336.3K | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 1.87M | 2.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 441.97K | 0 | 0 | 0 | 59.44K |
| Deferred Taxes | -44.39K | -44.3K | 0 | -55.1K | 0 | 0 | 0 | 144.82K | -859.64K | -45.76K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 40.11M | 23.96M | 15.86M | 3.48M | -9.63M | 1.4M | 4.02M | 5.47M | 426.03K | 5.82M | 0 | 0 | 0 | 0 |
| Working Capital Changes | -7.24M | -5.11M | -413.37K | 3.14M | 4.24M | -8.43M | 5.88M | 1.18M | 2.96M | -445.33K | -46.13K | -57.74K | 65.94K | 21.83K |
| Change in Receivables | 5.91M | 10.85M | 502.65K | -880.48K | -646.23K | -3.98M | 1.7M | -190.09K | -765.21K | -132.72K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -8.54M | -12.2M | -212.76K | 4.49M | 2.87M | -1.03M | 3.45M | 2M | 3.42M | 21.48K | -46.13K | -57.74K | 65.94K | 21.83K |
| Cash from Investing | -61.67M | -60.33M | 2.71M | 14.07M | 13.45M | 92.03K | -364.83K | -1.66M | -8.2M | -2.68M | 0 | 0 | 0 | 0 |
| Capital Expenditures | -57.75M | -77.11K | -65.12K | -2.24K | -78.7K | -188.17K | -668.09K | -187.52K | -47.61K | -929.9K | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 96.05% | 0.17% | 0.07% | 0.01% | 0.28% | 0.56% | 6.34% | 4.44% | 1.35% | 300.91% | - | - | - | - |
| Acquisitions | -5.15M | -5.21M | 2.77M | 14.08M | 14.71M | 280.2K | 1.46M | 0 | -8.03M | -264.81K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 985.61K | -55.04M | 0 | 0 | -1.18M | 0 | 0 | 0 | 0 | -32.22K | 0 | 0 | 0 | 0 |
| Cash from Financing | 76.98M | 72.66M | 37.97M | 3.95M | -326.6K | 39.58M | 16.34M | 8.54M | 12.58M | 8.18M | 0 | 27.41K | 0 | 427.7K |
| Debt Issued (Net) | 2.62M | -3.41M | 7.6M | 3.95M | -125.45K | 1.74M | 7.81M | 8.92M | -53.92K | - | - | - | - | - |
| Equity Issued (Net) | 75.45M | 76.07M | 9.87M | 0 | 0 | 38.07M | 7.26M | 3.82K | 12.51M | 8.18M | - | - | - | - |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2.55M | -1.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.09M | 0 | 20.5M | 0 | -201.16K | -228.33K | 1.27M | -381.53K | 125.42K | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -1.62M | -6.77M | 10.16M | -5.66M | -6.99M | 10.01M | 2.8M | 2.22M | -991.13K | 1.6M | -36.87K | -175.22K | -152.18K | 398.72K |
| Free Cash Flow | -15.84M | -76.28M | -30.58M | -16.08M | -20.69M | -30.58M | -13.14M | -4.7M | -5.42M | -4.88M | -129.13K | -202.62K | -152.18K | -28.98K |
| FCF Margin % | -26.34% | -169.5% | -31.78% | -38.93% | -73.69% | -91.72% | -124.55% | -111.34% | -153.38% | -1580.22% | - | - | - | - |
| FCF Growth % | 48.23% | -149.47% | -90.14% | 22.29% | 32.34% | -132.84% | -179.61% | 13.32% | -10.98% | -3681.86% | 36.27% | -33.15% | -425.04% | - |
| FCF per Share | -0.16 | -0.00 | -1.10 | -1.45 | -3.72 | -10.30 | -17.75 | -127.87 | -178.54 | -261.91 | -320.41 | -442.41 | -345.08 | -65.72 |
| FCF Conversion (FCF/Net Income) | 0.30x | 0.46x | 0.63x | 0.51x | 1.14x | 0.75x | 0.40x | 0.32x | 0.47x | 0.39x | 1.56x | 1.40x | 0.70x | 0.26x |
| Interest Paid | 342.09K | 0 | 1.28M | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - |
Liquidity and capital exhaustion
According to the provided quarterly cash flow data, GameSquare's operating cash flow frequently deviates from net income, with the OCF/NI ratio reaching an extreme 12.83 in 2025Q3, suggesting that reported earnings are heavily impacted by non-cash charges and significant volatility in working capital management.
The persistent gap between net losses and operating cash flow suggests that the company's accounting results are heavily influenced by non-operating items rather than core cash generation. Investors should monitor whether this divergence indicates aggressive accrual accounting or simply the impact of large, non-cash impairment charges common in roll-up strategies.
As reported in financial statements, GameSquare has struggled to achieve positive free cash flow, with the most recent 2026Q1 period showing a negative FCF margin of -44.3%, highlighting the company's inability to cover its operational and capital requirements through internal cash generation alone.
The consistent negative FCF trajectory suggests that the business model is currently unable to scale profitably, as the cash burn remains high relative to revenue. This trend warrants further investigation into whether the company can reach a cash-flow-positive state without further dilutive financing or significant asset divestitures.
Based on the company's reported figures, working capital changes have been highly erratic, swinging from a negative $11.4M in 2025Q3 to a positive $5.9M in 2025Q2, which indicates significant instability in the timing of client collections and the management of vendor payables.
This volatility in working capital suggests that the company's cash position is highly sensitive to the timing of large sponsorship payments and project-based billings. Such fluctuations may indicate that the company lacks a predictable cash conversion cycle, increasing the risk of liquidity crunches during periods of low sponsorship activity.
Data from recent filings indicates that GameSquare has utilized its limited capital primarily for acquisition-related activities and minor share repurchases, despite the company's ongoing struggle to generate positive operating cash flow or maintain a stable cash balance for core operations.
The decision to allocate capital toward acquisitions while operating cash flow remains negative suggests a management focus on scale that may be at odds with the company's immediate liquidity needs. Investors should monitor whether these deployment choices are creating long-term value or merely accelerating the depletion of the company's remaining cash reserves.
Quick answers to the most common questions about buying GAME stock.
GameSquare Holdings, Inc. (GAME) generated $-18.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GameSquare Holdings, Inc. (GAME) reported negative free cash flow of $76.3M in 2025, indicating capital requirements exceeded cash from operations.
GameSquare Holdings, Inc. (GAME) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, GameSquare Holdings, Inc. (GAME) spent $1.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.