Persistent negative free cash flow, including a $61.8 million outflow in 2026Q1, highlights the heavy capital requirements that continue to outpace the company's limited operational cash generation.
| Cash from Operations | -10.61M | -25M | -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 % | 295.66% | 52.2% | -19.46% | 12.88% | -21.36% | -592.08% | 29.06% | -1828.43% | -8218.79% | 59.2% | 91.29% | 68.76% | - |
| Net Income | -71.46M | -159.47M | -86.34M | -181.87M | -192.46M | -133.3M | -8.07M | -75.7M | -2.01M | -113.89K | -5.87K | -157.84K | -2.81M |
| Depreciation & Amortization | 4.55M | 0 | 11.01M | 14.68M | 11.57M | 2.51M | 229K | 90.58M | 7.34M | 0 | 0 | 438 | 641 |
| Stock-Based Compensation | 3.61M | 0 | 3.52M | 7.86M | 7.44M | 4.07M | 829K | 610K | 365K | 0 | 0 | 0 | 0 |
| Deferred Taxes | -693K | 0 | 648K | -22.64M | 1.71M | -12.97M | 1.01M | -18.66M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 89.64M | 141.8M | 20.93M | 133.44M | 131.5M | 117.86M | -4.41M | 7K | 1.86M | 42.75K | -138.05K | -59.96K | 2.22M |
| Working Capital Changes | -3.47M | -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 | -3.8M | -6.78M | 1.58M | 8.29M | 7.4M | 559K | -497K | -1K | -8.26K | -1.46K | -2.3K | 2.2K | 8.15K |
| Change in Inventory | 245K | 2.57M | 667K | -2.03M | 3.16M | -13.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 2.02M | -2.73M | -4.14M | -3.29M | -7.4M | -559K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -151.67M | -102.79M | -35.23M | -66.06M | -145.92M | -156.98M | -61.97M | 2.77M | 2.15M | 0 | 0 | 0 | 20.37K |
| Capital Expenditures | -151.51M | -103.18M | -36.63M | -55.15M | -77.36M | -47.53M | -66.73M | -5.71M | 0 | 0 | 0 | 0 | -64.85K |
| CapEx % of Revenue | 401.97% | 290.83% | 803.22% | 174.4% | 120.79% | 620.48% | - | - | - | - | - | - | - |
| Acquisitions | -532K | 0 | -448K | -334K | -67.43M | -2.2M | 0 | 8.31M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -3.38M | 391K | -787K | -15.15M | -23.5M | -141.21M | -61.97M | 168K | 2.15M | 0 | 0 | 0 | 60.83K |
| Cash from Financing | 674.59M | 446.84M | 145.47M | 47.79M | 254.53M | 34.74M | 257.62M | 12.41M | 600K | 0 | 0 | 0 | 0 |
| Debt Issued (Net) | 108.63M | 102.99M | 22.93M | -257K | 5.97M | 3.76M | -359K | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 579.6M | 344.95M | 126.96M | 51.9M | 248.56M | 36.72M | 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 | 0 | -5.75M | 43.65M | 12.41M | 600K | 0 | 0 | 0 | 0 |
| Net Change in Cash | 237.49M | -38.57M | 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 | -160.35M | -120.87M | -88.93M | -98.94M | -127.62M | -88.95M | -72.71M | -14.15M | -437.4K | -5.26K | -12.89K | -147.92K | -538.37K |
| FCF Margin % | -425.43% | -340.7% | -1950.24% | -312.85% | -199.27% | -1161.06% | - | - | - | - | - | - | - |
| FCF Growth % | -53.71% | -35.92% | 10.11% | 22.48% | -43.48% | -22.33% | -413.95% | -3134.55% | -8218.79% | 59.2% | 91.29% | 72.52% | - |
| FCF per Share | -0.52 | -0.68 | -0.69 | -1.20 | -2.00 | -2.02 | -1.92 | -0.37 | -7.93 | -0.47 | -1.16 | -13.29 | -48.35 |
| FCF Conversion (FCF/Net Income) | 2.24x | 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 |
Project financing and dilution
As reported in financial statements, the company's OCF/NI ratio frequently deviates from unity, with 2026Q1 showing a net income of $60.2M against a mere $1.9M in operating cash flow, highlighting a significant disconnect between accounting profitability and actual cash generation capabilities.
The wide variance between net income and operating cash flow suggests that reported earnings are heavily influenced by non-cash items or non-operating gains rather than core mining activities. Investors should monitor this divergence, as it indicates that the company's accounting performance does not currently reflect its underlying cash-burning operational reality.
Based on the provided quarterly data, the company has consistently reported negative free cash flow, with outflows reaching as high as $61.8M in 2026Q1, underscoring the heavy capital requirements inherent in the current development-stage mining model.
The trajectory of free cash flow remains deeply negative, reflecting the substantial investment required to advance the Cariboo project. This trend suggests that the company is entirely dependent on external financing or asset sales to sustain its ongoing development operations.
According to recent SEC filings, the company's capital expenditure reached $63.7M in 2026Q1, representing a significant capital intensity that dwarfs current revenue streams and necessitates continuous, large-scale funding to maintain the current pace of project development.
The high ratio of capital expenditure to revenue indicates that the company is in a capital-intensive phase where infrastructure investment is prioritized over operational self-sufficiency. This level of spending warrants further investigation into the company's ability to manage these costs without further diluting existing shareholders.
Financial data indicates erratic working capital movements, with fluctuations ranging from a $6.3M inflow in 2026Q1 to a $7.6M outflow in 2025Q4, suggesting that the company's cash conversion cycle is highly sensitive to the timing of project-related expenditures and inventory management.
These swings in working capital appear to be driven by the irregular nature of test mining and development activities rather than stable operational cycles. Such volatility may indicate potential inefficiencies in managing cash outflows during the pre-commercial production phase.
As evidenced by the discrepancy between operating cash flow and total capital outflows, the company's reliance on capitalizing exploration costs may mask the true extent of its cash burn, which is not fully captured by standard income statement metrics.
By capitalizing significant portions of its development spend, the company effectively shifts expenses off the income statement, which may lead to an underestimation of the actual cash required to reach commercial production. Analysts should focus on the total cash outflow to better understand the company's true financial runway.
Quick answers to the most common questions about buying ODVWZ stock.
Osisko Development Corp. Warrant expiring 5/27/2027 (ODVWZ) generated $-25.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Osisko Development Corp. Warrant expiring 5/27/2027 (ODVWZ) reported negative free cash flow of $120.9M in 2025, indicating capital requirements exceeded cash from operations.
Osisko Development Corp. Warrant expiring 5/27/2027 (ODVWZ) spent $103.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.