Free cash flow deteriorated to -$20.1M in 2026Q2, with CapEx consuming 90.2% of revenue, indicating severe cash burn that suggests reliance on continued financing.
New Found Gold Corp. (NFGC) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | -61.07M | -55.15M | -55.68M | -99.27M | -74.38M | -48.51M | -13.22M | -2.65M | -1.9M |
| Operating CF Margin % | - | -949.8% | - | - | - | - | - | - | - |
| Operating CF Growth % | -110.93% | 0.95% | 43.91% | -33.47% | -53.32% | -267% | -398.92% | -39.34% | - |
| Net Income | -57.71M | -47.53M | -50.27M | -79.89M | -89.99M | -50.64M | -32.53M | -4.02M | -1.34M |
| Depreciation & Amortization | 1.1M | 827.2K | 813.65K | 940.21K | 880.4K | 582.93K | 129.96K | 12.49K | 4.31K |
| Stock-Based Compensation | 2.48M | 0 | 889.04K | 1.41M | 8.49M | 7.61M | 26.46M | 2.13M | 0 |
| Deferred Taxes | 73.17K | -394.25K | 0 | 0 | 0 | 0 | -3.99M | 0 | 0 |
| Other Non-Cash Items | -12.47M | -9.04M | -8.41M | -21.13M | 2.45M | -5.9M | -1.77M | 93.71K | -1.18M |
| Working Capital Changes | 6.04M | 989.62K | 1.29M | -604.65K | 3.79M | -170.18K | -1.51M | -866.16K | 626.34K |
| Change in Receivables | 1.61M | -470.37K | 1.09M | -230.68K | -1.34M | -779.98K | 43.25K | 118.77K | -4.11K |
| Change in Inventory | -10.45M | 1.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 13.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -14.23M | 9.25M | -3.01M | -4.44M | -737.87K | -17.07M | -1.59M | -26.58K | 1.22M |
| Capital Expenditures | -22.46M | -3.26M | -4.48M | -1.7M | -5.56M | -5.42M | -1.55M | -307.37K | -308.6K |
| CapEx % of Revenue | 71.48% | 56.1% | - | - | - | - | - | - | - |
| Acquisitions | 9.02M | 9.02M | 0 | 0 | 12.16K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -742.83K | 2.74M | 372.49K | -102.23K | -4.13K | -111.13K | -42.93K | 0 | 975K |
| Cash from Financing | 202.68M | 82.41M | 27.12M | 75.43M | 56.8M | 118.34M | 55.2M | 9.69M | 0 |
| Debt Issued (Net) | 69.8M | -22.82K | -134K | -143.96K | -121.78K | -100.5K | -32.33K | 0 | 0 |
| Equity Issued (Net) | 133.6M | 82.47M | 27.52M | 78.99M | 52.55M | 120.5M | 38.51M | 9.25M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -5.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -717.2K | -35.69K | -266.97K | -3.41M | 4.37M | -2.06M | 16.72M | 439.5K | 0 |
| Net Change in Cash | 127.6M | 37.51M | -31.57M | -28.28M | -18.32M | 52.75M | 40.39M | 7.01M | -683.48K |
| Free Cash Flow | -82.63M | -56.93M | -60.17M | -100.99M | -79.94M | -53.94M | -14.76M | -2.96M | -2.21M |
| FCF Margin % | -263% | -980.37% | - | - | - | - | - | - | - |
| FCF Growth % | -56.9% | 5.38% | 40.42% | -26.32% | -48.22% | -265.29% | -399.35% | -33.79% | - |
| FCF per Share | -0.26 | -0.24 | -0.31 | -0.57 | -0.48 | -0.35 | -0.13 | -0.07 | -0.05 |
| FCF Conversion (FCF/Net Income) | 1.43x | 1.16x | 1.59x | 1.24x | 0.83x | 0.96x | 0.41x | 0.66x | 1.42x |
| Interest Paid | 29.46K | 0 | 25.11K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying NFGC stock.
New Found Gold Corp. (NFGC) generated $-55.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
New Found Gold Corp. (NFGC) reported negative free cash flow of $56.9M in 2025, indicating capital requirements exceeded cash from operations.
New Found Gold Corp. (NFGC) spent $3.3M 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
Unproven Revenue Scalability
Operating Cash Flow Divergence from Net Loss
The cash conversion ratio, operating cash flow divided by net income, fell to 0.56 in 2026Q2, indicating operating cash outflows significantly exceeded the reported net loss, a material deterioration from the 0.97 ratio in the prior quarter, according to the company's cash flow statement.
For most of the period, operating cash flow was less negative than net income, suggesting non-cash charges were the primary driver of losses. However, the 2026Q2 reversal implies working capital dynamics or cash expense timing have become a more significant headwind, eroding cash quality just as revenue emerges.
FCF Deficit Deepens with Capital Intensity
Free cash flow deteriorated to -$20.1M in 2026Q2, resulting in a negative FCF margin of -128.0%, as reported in recent financials, highlighting that cash consumption is accelerating faster than the nascent revenue base can support.
The negative FCF trajectory has steepened sharply in the most recent quarter, driven by both operating losses and a substantial increase in capital expenditure. This indicates the company's path to self-funding is not yet visible, and negative free cash flow may persist until production scales considerably.
CapEx Surge Signals Development Phase
Capital expenditures spiked to $14.2M in 2026Q2, equaling 90.2% of the quarter's revenue, based on the reported figures, marking a dramatic shift from the minimal maintenance-level spending seen in previous quarters.
This pronounced increase in capital intensity suggests the company has entered a growth-oriented development phase, likely for mine construction or equipment. The magnitude relative to current revenue underscores a high cash burn rate for growth, which will pressure the balance sheet until production milestones are achieved.
Working Capital Volatility Obscures Core Cash Flow
Working capital contributed a positive $8.0M to cash flow in 2026Q2, a significant swing from a -$2.5M outflow in the previous quarter, indicating inconsistent cash collection cycles that can mask the underlying operational performance, as seen in the financial statements.
The large, unpredictable swings in working capital make it difficult to assess the true cash generation capability of the emerging operations. This volatility may reflect the lumpy nature of early-stage mining sales and payments, adding noise to an already strained cash flow profile.
Cash Flow Statement Limited Insight on True Burn
Stock-based compensation of $1.7M in 2026Q2 is a non-cash add-back in the operating section, potentially inflating the operating cash flow figure relative to the true economic cost of employee compensation, according to the company's disclosures.
The cash flow statement may not fully reflect the dilutive effect of SBC or the potential for capitalized exploration costs to be treated differently from production capex. Furthermore, the absence of a comprehensive breakdown between maintenance and growth capex obscures the company's true ongoing cash requirements.