Operating cash flow of -$32.5M in 2026Q3 and free cash flow of -$55.9M, with CapEx equal to 71.5% of revenue, show cash consumption persisting despite a cash balance of $411.4M that is heavily dependent on external financing.
i-80 Gold Corp. (IAUX) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Cash from Operations | -186.15M | -85.64M | -82.5M | -54.62M | -45.84M | -13.01M | 4.62M | 55.53M | 39.79M | -7.24M |
| Operating CF Margin % | - | -96.04% | -163.9% | -99.47% | -124.04% | - | - | 530.71% | 142.49% | -8.36% |
| Operating CF Growth % | -5904.08% | -3.81% | -51.05% | -19.14% | -252.44% | -381.35% | -91.67% | 39.56% | 649.32% | - |
| Net Income | -265.04M | -198.85M | -121.53M | -65.2M | -79.2M | 76.62M | -12.49M | -8.1M | 3.17M | -251K |
| Depreciation & Amortization | 5.98M | 7.2M | 3.2M | 8.71M | 6.18M | 361K | 281K | 724K | 777K | 3.97M |
| Stock-Based Compensation | 7.47M | 0 | 570K | 0 | 0 | 2.68M | 0 | 858K | 673K | 989K |
| Deferred Taxes | -3.29M | -3.29M | 1.5M | -8.02M | -11.83M | 19.85M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 113.08M | 114.45M | 35.85M | 1.44M | 31.84M | -115.4M | 20.04M | 33.32M | 3.31M | 38.24M |
| Working Capital Changes | -44.35M | -5.16M | -2.09M | 8.45M | 7.16M | 2.87M | -3.21M | 28.73M | 31.86M | -50.19M |
| Change in Receivables | -5.51M | 0 | 1.08M | -3.6M | 1.22M | -307K | 1K | 4.91M | -1.03M | -6.62M |
| Change in Inventory | -6.49M | 0 | -3.62M | 1.38M | 9.22M | -4.58M | 0 | -4.23M | 1.5M | 4.28M |
| Change in Payables | 10.13M | 0 | 0 | 9.92M | -2.48M | 0 | -491K | 0 | 0 | 0 |
| Cash from Investing | -61.71M | -9.62M | -1.59M | -42.51M | -54.73M | -137.59M | -9.38M | -31.69M | -10.27M | -2.98M |
| Capital Expenditures | -61.71M | -9.62M | -2.02M | -39.51M | -50.22M | -6.01M | -7.59M | -32.93M | -8.98M | -1.47M |
| CapEx % of Revenue | 47.19% | 10.79% | 4.01% | 71.96% | 135.89% | - | - | 314.71% | 32.16% | 1.69% |
| Acquisitions | 0 | 0 | 0 | 10.03M | 0 | -98.39M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 425K | -11.59M | -3.89M | -31.22M | -1.79M | 1.24M | -1.29M | -1.52M |
| Cash from Financing | 535.87M | 141.09M | 82.67M | 65.16M | 61.43M | 222.9M | -6.22M | -4.55M | -27.85M | -683K |
| Debt Issued (Net) | 515.72M | -61.37M | -32.2M | 58.64M | 58.73M | 58.59M | -6.15M | -3.06M | -23.25M | 6.43M |
| Equity Issued (Net) | 18.29M | 202.5M | 123.5M | 27.87M | 3.14M | 166.84M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.87M | -44K | -8.62M | -21.35M | -437K | -2.54M | -66K | -1.49M | -4.6M | -7.11M |
| Net Change in Cash | 287.37M | 44.24M | -1.48M | -32M | -39.38M | 72.42M | 15.24M | 19.29M | 1.67M | -10.91M |
| Free Cash Flow | -247.86M | -95.27M | -84.52M | -94.13M | -96.06M | -19.02M | -2.97M | 22.6M | 30.81M | -8.71M |
| FCF Margin % | -189.56% | -106.84% | -167.91% | -171.43% | -259.92% | - | - | 216% | 110.34% | -10.05% |
| FCF Growth % | -411.41% | -12.72% | 10.21% | 2.01% | -405.01% | -540.69% | -113.14% | -26.64% | 453.67% | - |
| FCF per Share | -0.29 | -0.14 | -0.24 | -0.34 | -0.40 | -0.08 | -0.02 | 0.13 | 0.18 | -0.05 |
| FCF Conversion (FCF/Net Income) | 0.94x | 0.49x | 0.68x | 0.61x | 0.58x | -0.15x | -1.67x | -6.86x | 12.57x | 28.86x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying IAUX stock.
i-80 Gold Corp. (IAUX) generated $-85.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
i-80 Gold Corp. (IAUX) reported negative free cash flow of $95.3M in 2025, indicating capital requirements exceeded cash from operations.
i-80 Gold Corp. (IAUX) spent $9.6M 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
Persistent cash burn and dilution
Metrics are mathematically derived from official filings.
Operating Cash Flow Tracks Losses Closely
As reported in the quarterly cash flow statements, IAUX's operating cash flow was -$32.5M in 2026Q3 against net income of -$48.4M, an OCF/NI ratio of 0.67 that indicates roughly two-thirds of the reported loss was cash-consuming rather than accrual-driven.
A positive ratio means the deficit is not being driven primarily by non-cash charges, which argues against the view that the headline loss is largely an accounting artifact. Stock-based compensation of $4.9M and D&A of $1.1M explain only a small part of the gap between net income and operating cash flow. The quarter-to-quarter ratio swings from 0.40 to 0.94, so the signal should be read cautiously given lumpy revenue and working capital timing.
Free Cash Flow Deeply Negative Throughout
Based on reported figures, IAUX free cash flow was -$55.9M in 2026Q3 and -$81.6M in 2026Q1, producing FCF margins of -170.9% and -155.7%, showing the business consumes far more cash than its revenue base generates.
Free cash flow has been negative in every period shown, and the most recent quarter improved only modestly from the 2026Q1 trough. The margin profile suggests the operating platform has not yet reached throughput where cash generation covers sustaining and development spending. Investors should monitor whether FCF losses narrow in step with revenue recovery, since persistence at current magnitudes would imply continued reliance on external funding.
Capital Intensity Rises Sharply Against Modest Revenue
As reported in the filings, IAUX's CapEx of $23.4M in 2026Q3 equaled 71.5% of revenue, up from 2.2% in late 2024, indicating a shift from minimal to heavy development spending.
This step-up is consistent with restart and expansion activity at the Nevada underground and processing assets rather than routine sustaining spend. Because depreciation of $1.1M is far below CapEx, the asset base is being built rather than replaced, so current outflows appear to be investments in future capacity. The trade-off is that payback depends on successful ramp-up, and timing risk on that return is significant.
Working Capital Swings Drive Quarterly Volatility
According to reported quarterly figures, IAUX's working capital change moved from -$23.2M in 2026Q1 to +$1.5M in 2026Q3, a swing that accounts for a meaningful share of quarter-to-quarter movement in operating cash flow.
Large working capital swings suggest receivables timing around metal pours and inventory build in the processing circuit are materially affecting reported cash flow. The reversal into a positive contribution in the latest quarter may reflect collections or inventory drawdown rather than a durable improvement in operating efficiency, and should be treated cautiously until shown to be repeatable.
Cumulative Cash Losses Mirror Reported Deficits
Based on the ten reported quarters, IAUX's operating cash flow was negative in every period shown, with several quarters exceeding $19M in outflows, indicating cash consumption has been persistent rather than a one-period event.
Across the period, negative operating cash flow and large net losses move broadly together rather than diverging in a way that suggests aggressive accrual accounting. This alignment indicates the earnings deficit is backed by actual cash outflows. The concern is less about hidden accruals and more about the sustained funding need implied by the cumulative burn.
Cash Burn Could Narrow Faster Than Expected
As reported in the latest quarter, IAUX's working capital inflow of +$1.5M and OCF/NI ratio of 0.67 may signal early improvement, though the sample is too short to confirm a durable turn in cash generation.
A bullish reading would hold that the 2026Q3 narrowing in operating outflow, from -$49.6M to -$32.5M, reflects operational progress at Lone Tree and Granite Creek rather than timing. If revenue scales as the 77% year-over-year growth suggests, fixed-cost absorption could compress the cash burn materially. Investors should monitor whether the next several quarters confirm this pattern before treating it as more than a single-quarter improvement.