Cash flow generation has deteriorated to a burn, with operating cash flow negative at -$267.3K in Q2 2026, and the company's liquidity is now dependent on its ability to liquidate its $374.1M investment securities portfolio.
Gores Holdings X, Inc. (GTEN) cash flow statement — 2-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'23 |
|---|
| Cash from Operations | -1.2M | -1.04M | -142.23K |
| Operating CF Growth % | 11.17% | -631.98% | - |
| Net Income | 1.13M | 920.66K | -65K |
| Depreciation & Amortization | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 |
| Other Non-Cash Items | -11.41M | -13.53M | 0 |
| Working Capital Changes | 1.09M | 809.09K | -77.23K |
| Cash from Investing | 600K | -358.23M | 0 |
| Purchase of Investments | 0 | -358.8M | 0 |
| Sale/Maturity of Investments | 30.54K | 569.46K | 0 |
| Net Investment Activity | 30.54K | -358.23M | 0 |
| Acquisitions | 0 | 0 | 0 |
| Other Investing | 569.46K | 0 | 0 |
| Cash from Financing | 469.59K | 359.89M | 145K |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 |
| Stock Issued | 0 | 360.31M | 25K |
| Net Stock Activity | 0 | 360.31M | 25K |
| Debt Issuance (Net) | 0 | -172.9K | 120K |
| Other Financing | 469.59K | -250K | 0 |
| Net Change in Cash | -126.11K | 616.8K | 2.77K |
| Exchange Rate Effect | 0 | 0 | 0 |
| Cash at Beginning | 431.33K | 2.77K | 0 |
| Cash at End | 194.54K | 619.58K | 2.77K |
| Interest Paid | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 |
| Free Cash Flow | -1.2M | -1.04M | -142.23K |
| FCF Growth % | - | -631.96% | - |
Quick answers to the most common questions about buying GTEN stock.
Gores Holdings X, Inc. (GTEN) generated $-1.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gores Holdings X, Inc. (GTEN) reported negative free cash flow of $1.0M in 2025, indicating capital requirements exceeded cash from operations.
Gores Holdings X, Inc. (GTEN) 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.
Key Metrics
Top Statement Risk
Operational viability and cash burn
Metrics are mathematically derived from official filings.
Capital Generation Ceased After Q4 2025
The company's ability to generate capital from operations has completely halted, with operating cash flow turning negative and net income falling to zero in the most recent two quarters, as reported in the cash flow statements.
The negative operating cash flow of -$267.3K in 2026Q2, following a brief period of positive net income in 2025Q4, indicates the company is now consuming cash rather than generating it. This pattern suggests the core banking or investment operations that produced earnings have ceased, leaving the entity reliant on its existing balance sheet to fund ongoing obligations.
Massive Securities Liquidation in 2025Q2
A one-time, large-scale liquidation of investment securities occurred in 2025Q2, with purchases of $358.8 million dwarfing any other activity, suggesting a strategic portfolio restructuring or a significant cash raise.
The $358.8 million purchase of investments in 2025Q2, with no corresponding sales, is an anomalous cash outflow that likely represents a major deployment of capital into securities, possibly from a trust or escrow account. This activity is not repeated in subsequent quarters, indicating it was a discrete event rather than ongoing portfolio management, and its purpose is not clarified by the cash flow data alone.
Loan Activity Absent from Cash Flows
The cash flow statement shows no material cash flows from loan originations or repayments across all periods, which, combined with zero loan loss provisions, strongly suggests the company does not operate a traditional lending business.
The absence of cash flows categorized under loan activity, coupled with the zero loan loss provision expense noted in the income statement analysis, implies the company's balance sheet does not contain a meaningful, actively managed loan portfolio. This is consistent with its classification as a shell company and indicates its financial activities are centered elsewhere.
No Capital Returned to Shareholders
The company has paid zero dividends and executed zero share buybacks across all reported periods, indicating a complete absence of shareholder capital return programs.
With no cash dividends paid and no treasury stock transactions, the company is retaining all available capital. Given the recent shift to negative operating cash flow and minimal net income, this retention appears to be a necessity for liquidity preservation rather than a strategic choice to fund growth.
Deposit Flows Not Discernible in Cash Flows
The cash flow statement does not provide granular data on deposit inflows or outflows, making it impossible to assess deposit quality, stability, or funding cost trends from this source alone.
For a depository institution, the cash flow statement is a poor proxy for analyzing deposit dynamics, as deposit activity is primarily a balance sheet movement. The lack of disclosed data here means investors must rely on balance sheet footnotes and management commentary to understand the company's funding profile and its sensitivity to interest rate changes.
Cash Flow Statement Masks True Liquidity
The cash flow statement obscures the company's true liquidity position, as the large 2025Q2 securities purchase may represent a transfer from a trust account rather than an operational cash outflow, and the negative OCF could be a technical artifact.
The negative operating cash flow in recent quarters may not reflect operational distress but rather the mechanics of a shell company's trust or escrow accounting, where cash is moved between balance sheet accounts. The absence of any debt issuance or significant asset sales to fund operations suggests the company is drawing down a pre-existing cash or investment balance, the sustainability of which is the primary risk.