Operational cash flow remains strained, evidenced by a 2026Q1 OCF/NI ratio of 0.03 and a significant $63.8M quarterly capital expenditure outflow that continues to outpace internal cash generation.
| Cash from Operations | -10.61M | -24.98M | -52.3M | -43.78M | -50.26M | -41.41M | -5.98M | -8.44M | -437.4K | -5.26K | -12.89K | -147.92K | -473.52K |
| Operating CF Margin % | - | -70.46% | -1147.02% | -138.45% | -78.47% | -540.58% | - | - | - | - | - | - | - |
| Operating CF Growth % | 295.64% | 52.24% | -19.46% | 12.88% | -21.36% | -592.08% | 29.06% | -1828.43% | -8218.79% | 59.2% | 91.29% | 68.76% | - |
| Net Income | -71.46M | -159.34M | -86.34M | -181.87M | -192.46M | -133.3M | -8.07M | -75.7M | -2.01M | -113.89K | -5.87K | -157.84K | -2.81M |
| Depreciation & Amortization | 5.4M | 0 | 11.01M | 11.53M | 11.57M | 2.51M | 229K | 90.58M | 7.34M | 0 | 0 | 438 | 641 |
| Stock-Based Compensation | 2.51M | 0 | 3.52M | 7.86M | 7.44M | 4.07M | 829K | 610K | 365K | 0 | 0 | 0 | 0 |
| Deferred Taxes | -693.75K | 0 | 648K | -22.64M | 1.71M | -12.97M | 1.01M | -18.66M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 89.83M | 141.68M | 20.93M | 136.6M | 131.5M | 117.86M | -4.41M | 7K | 1.86M | 42.75K | -138.05K | -59.96K | 2.22M |
| Working Capital Changes | -3.45M | -7.32M | -2.08M | 4.75M | -10.01M | -19.59M | 4.42M | -5.27M | -276.34K | 67.34K | 133.34K | 68.11K | 109.18K |
| Change in Receivables | -3.78M | -6.78M | 1.58M | 8.29M | 7.4M | 559K | -497K | -1K | -8.26K | -1.46K | -2.3K | 2.2K | 8.15K |
| Change in Inventory | 240.11K | 2.57M | 667K | -2.03M | 3.16M | -13.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.72M | -2.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -151.78M | -102.71M | -35.23M | -66.06M | -145.92M | -156.98M | -61.97M | 2.77M | 2.15M | 0 | 0 | 0 | 20.37K |
| Capital Expenditures | -151.62M | -103.1M | -36.63M | -55.15M | -77.36M | -186.17M | 0 | -5.71M | 0 | 0 | 0 | 0 | -64.85K |
| CapEx % of Revenue | 402.27% | 290.83% | 803.22% | 174.4% | 120.79% | 2430.05% | - | - | - | - | - | - | - |
| Acquisitions | -531.57K | 0 | -448K | 0 | -67.43M | -2.2M | 0 | 8.31M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.68M | 390.68K | -1.24M | -15.15M | -23.5M | -2.58M | -61.97M | 168K | 2.15M | 0 | 0 | 0 | 60.83K |
| Cash from Financing | 675.11M | 446.48M | 145.47M | 47.79M | 254.53M | 34.74M | 257.62M | 12.41M | 600K | 0 | 0 | 0 | 0 |
| Debt Issued (Net) | 108.63M | 102.9M | 22.93M | -257K | 5.97M | -1.98M | -359K | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 580.11M | 344.66M | 126.96M | 51.9M | 255.86M | 39.76M | 214.32M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -13.63M | -1.09M | -4.42M | -3.85M | -7.3M | -3.04M | 43.65M | 12.41M | 600K | 0 | 0 | 0 | 0 |
| Net Change in Cash | 183.58M | -33.67M | 63.2M | -62.49M | 72.54M | -164.02M | 189.42M | 6.74M | 162.6K | -5.26K | -12.89K | -147.92K | -453.15K |
| Free Cash Flow | -156.15M | -120.77M | -88.93M | -98.94M | -127.62M | -227.58M | -5.98M | -14.15M | -437.4K | -5.26K | -12.89K | -147.92K | -538.37K |
| FCF Margin % | -414.29% | -340.7% | -1950.24% | -312.85% | -199.27% | -2970.63% | - | - | - | - | - | - | - |
| FCF Growth % | -48.1% | -35.81% | 10.11% | 22.48% | 43.92% | -3703.14% | 57.7% | -3134.55% | -8218.79% | 59.2% | 91.29% | 72.52% | - |
| FCF per Share | -0.50 | -0.68 | -0.95 | -1.20 | -2.00 | -5.17 | -0.16 | -0.37 | -7.93 | -0.47 | -1.16 | -13.29 | -48.35 |
| FCF Conversion (FCF/Net Income) | 2.19x | 0.15x | 0.61x | 0.24x | 0.26x | 0.31x | 0.74x | 0.11x | 0.22x | 0.05x | 2.19x | 0.94x | 0.17x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pre-commercial liquidity constraints
According to reported financial data, the OCF/NI ratio has fluctuated wildly, reaching as low as 0.03 in 2026Q1, which suggests that reported net income is frequently decoupled from actual cash generation due to significant non-cash items and the company's early-stage development accounting practices.
The persistent gap between net income and operating cash flow indicates that accounting profits are not reflective of the underlying operational reality. Investors should monitor this divergence, as it suggests that the company's current financial reporting may obscure the true extent of its cash-based operational requirements.
As reported in financial statements, ODV has consistently generated negative free cash flow, with quarterly outflows reaching as high as $57.6M in 2026Q1, highlighting the substantial capital intensity required to advance its multi-jurisdictional project pipeline without a stable, commercial-scale production base to offset these expenditures.
The trajectory of free cash flow remains deeply negative, reflecting the company's reliance on external capital to fund its development activities. This trend appears to be accelerating as the company moves closer to potential production, which warrants further investigation into the sustainability of its current funding model.
Based on reported figures, capital expenditures have surged to $63.8M in 2026Q1, representing a significant portion of the company's resource allocation and underscoring the heavy investment required to transition its assets from exploration to commercial production in a high-inflation environment for mining inputs.
The high ratio of capital expenditure to revenue suggests that the company is in a heavy construction phase where asset replacement and growth are not yet self-funded. This capital intensity may indicate that the company is vulnerable to cost overruns, which could further strain its liquidity position.
As indicated by quarterly filings, working capital changes have been erratic, swinging from a $6.3M inflow in 2026Q1 to a $7.6M outflow in 2025Q4, which suggests that the company's cash management is highly sensitive to the timing of project-related payments and inventory build-up.
The lack of consistency in working capital movements may reflect the company's transition between different project phases and the inherent unpredictability of test mining operations. Investors should monitor these fluctuations, as they may indicate potential inefficiencies in managing short-term operational liquidity.
Quick answers to the most common questions about buying ODV stock.
Osisko Development Corp. (ODV) generated $-25.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Osisko Development Corp. (ODV) reported negative free cash flow of $120.8M in 2025, indicating capital requirements exceeded cash from operations.
Osisko Development Corp. (ODV) spent $103.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.