Free cash flow remains structurally negative, evidenced by a $17.9M outflow in 2026Q1, reflecting the ongoing difficulty in converting accounting earnings into actual cash generation.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Apr'14 | Apr'13 | Apr'12 |
|---|
| Cash from Operations | -8.39M | -4.3M | 3.87M | -35.8M | -36.21M | -28.59M | -45.13M | -35.08M | -12.7M | -6.11M | -1.77M | -2.77M | 9.22K | -172.89K | -156.78K |
| Operating CF Margin % | - | -2.31% | 2.42% | -23.99% | -24.83% | -36.11% | -51.99% | -43.63% | -102.21% | -113.4% | -28.92% | -280.96% | - | - | - |
| Operating CF Growth % | 166.44% | -211.07% | 110.82% | 1.15% | -26.66% | 36.64% | -28.63% | -176.14% | -107.88% | -244.85% | 36.08% | -30177.17% | 105.33% | -10.27% | - |
| Net Income | -24.97M | -24.76M | -45.44M | -229.48M | -14.28M | -130.7M | -136.16M | -9.5M | 22.12M | -10.89M | 846.66K | -1.28M | -239.31K | -375.25K | -140.16K |
| Depreciation & Amortization | 19.77M | 17.98M | 12.08M | 24.08M | 24.91M | 31.03M | 17.96M | 8.9M | 3.53M | 1.55M | 785.59K | 414.8K | 60.93K | 0 | 0 |
| Stock-Based Compensation | 1.95M | 4.22M | 7.18M | 5.29M | 5.13M | 3.9M | 7.8M | 14.89M | 5.03M | 2.21M | 442.35K | 256.74K | 473.22K | 176.7K | 0 |
| Deferred Taxes | -13.66M | -13.77M | 0 | 0 | -88K | 42.21M | -10.47M | 3.63M | -1.86M | -102.81K | -37.41K | 2.49K | 0 | 0 | 0 |
| Other Non-Cash Items | 14.83M | 14.16M | 15.09M | 151.8M | -29M | 776K | 46.71M | 4.01M | -643K | 625.14K | 154.19K | -576.91K | 173.53K | 0 | 0 |
| Working Capital Changes | -6.06M | -2.12M | 14.96M | 12.51M | -22.88M | 24.2M | 29.04M | -57.02M | -40.88M | 494.43K | -3.96M | -1.59M | 74.99K | 25.66K | -16.62K |
| Change in Receivables | -17.4M | -15.29M | -12.06M | 12.51M | -24.02M | -6.01M | 1.79M | -13.13M | 337K | -2.42M | -795.11K | -521.59K | -217.95K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | -12.22M | 28.68M | 45.64M | -40.91M | -48.68M | 550.6K | -3.74M | -1.43M | -151.92K | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 12.15M | 2.06M | -28M | 10.56M | 3.98M | 3.89M | 652.07K | 371.16K | 52.48K | 23.39K | 0 |
| Cash from Investing | -15.83M | -59.35M | -38.77M | 4.56M | 44.03M | -115.11M | -138.2M | -46.78M | -98M | -42.6M | -27.15M | -7.52M | -30K | 9.59K | -10K |
| Capital Expenditures | -11.24M | -17.02M | -4.73M | -26.9M | -48.78M | -12.33M | -78.65M | -110.29M | -56.44M | -34.33M | -4.42M | -7.52M | -30K | -30K | -10K |
| CapEx % of Revenue | 4.37% | 9.15% | 2.96% | 18.03% | 33.45% | 15.57% | 90.62% | 137.16% | 454.06% | 637.04% | 72.09% | 762.48% | - | - | - |
| Acquisitions | -747K | -65.62M | 0 | 0 | -11.06M | -2.54M | -1.43M | -12.76M | 15K | 114.7K | 400 | 0 | 15.17K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -5.37M | 21.8M | -8.32M | 31.46M | 4.29M | -31.07M | -8.64M | 621K | -17K | 294.16K | 400 | 0 | 9K | 39.59K | 0 |
| Cash from Financing | -1.87M | 28.24M | 107.78M | -754.15K | 5.33M | 174.46M | 160.37M | 74.33M | 163.91M | 40.81M | 37.31M | 6.04M | 9.01M | 480 | 314.97K |
| Debt Issued (Net) | -599.78K | -43.08K | -786K | 0 | -1.01M | -116.4M | 63.34M | 46.18M | 114.77M | -1.78M | 2.63M | 4.88M | 0 | 0 | 0 |
| Equity Issued (Net) | -42.2K | 29.57M | 108.56M | 0 | 0 | 284.88M | 100M | 0 | 57.5M | 40.25M | 37.61M | 1.41M | 0 | 480 | 463.4K |
| Dividends Paid | 0 | 0 | 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 | 0 | -1.6K |
| Other Financing | -1.23M | -1.29M | 6K | -754.15K | 6.34M | 5.99M | -2.97M | 28.15M | -8.36M | 2.33M | -2.92M | -244.7K | 9.01M | 0 | -148.43K |
| Net Change in Cash | -29.19M | -37.98M | 72.88M | -68.52M | 13.15M | 30.77M | -22.95M | -7.51M | 53.11M | -7.9M | 8.38M | -4.25M | -20.78K | -162.82K | 148.19K |
| Free Cash Flow | -19.8M | -16.52M | -1.47M | -62.7M | -84.99M | -40.92M | -123.78M | -145.38M | -69.14M | -40.44M | -6.19M | -10.3M | -20.78K | -202.89K | -166.78K |
| FCF Margin % | -7.69% | -8.88% | -0.92% | -42.02% | -58.29% | -51.69% | -142.61% | -180.79% | -556.27% | -750.44% | -101.01% | -1043.44% | - | - | - |
| FCF Growth % | 25.97% | -1027.05% | 97.66% | 26.23% | -107.71% | 66.94% | 14.86% | -110.26% | -70.96% | -553.36% | 39.88% | -49437.57% | 89.76% | -21.65% | - |
| FCF per Share | -0.15 | -0.13 | -0.02 | -0.77 | -1.00 | -0.64 | -2.87 | -4.13 | -2.18 | -1.66 | -0.42 | -0.79 | -0.01 | -0.10 | -0.10 |
| FCF Conversion (FCF/Net Income) | 0.79x | 0.24x | -0.09x | 0.16x | 2.54x | 0.22x | 0.33x | 3.68x | -0.62x | 0.56x | -2.09x | 2.17x | -0.04x | 0.46x | 1.12x |
| Interest Paid | 0 | 0 | 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 | 0 | 0 |
Persistent operating cash burn
As reported in recent financial statements, the persistent divergence between net income and operating cash flow, exemplified by the 2026Q1 net income of $20.0M against a negative $15.8M operating cash flow, suggests that reported earnings are heavily influenced by non-cash accounting adjustments rather than actual cash generation.
The frequent disconnect between bottom-line profitability and cash flow indicates that earnings are likely inflated by non-cash items such as biological asset fair value adjustments. Investors should monitor this gap closely, as it implies that the company's reported accounting profits do not translate into the liquidity required to sustain operations without external financing.
Based on the company's reported figures, free cash flow has remained consistently negative over the last ten quarters, with a notable $17.9M outflow in 2026Q1, highlighting the structural difficulty in achieving self-sustaining cash flow within the current high-cost indoor cultivation and excise tax environment.
The inability to generate positive free cash flow suggests that the business model is currently reliant on capital infusions rather than internal operational efficiency. This trajectory warrants further investigation into whether the company can reach a cash-flow-positive state before the current liquidity runway is exhausted by ongoing operational losses.
According to recent SEC filings, working capital fluctuations have been a primary driver of cash flow volatility, evidenced by the $16.3M cash outflow in 2026Q1, which underscores the challenges in managing inventory levels and receivables within a highly competitive and price-sensitive Canadian recreational cannabis market.
The erratic nature of working capital changes suggests that the company may be struggling with inventory management or collection cycles, which directly impacts the cash conversion cycle. This volatility appears to exacerbate the underlying operational cash burn, making the company's liquidity position highly sensitive to shifts in provincial purchasing patterns.
As indicated by the provided financial data, capital deployment has been largely absent regarding shareholder returns, with the company instead prioritizing cash preservation and strategic investments, such as the $59.2M acquisition outflow in 2025Q1, to secure long-term competitive positioning in the evolving global cannabis landscape.
The lack of dividends or share repurchases is consistent with a company in a capital-intensive growth phase that is currently prioritizing survival over capital return. The focus on strategic acquisitions suggests management is attempting to buy growth or IP to offset the stagnation in the core domestic recreational market.
Quick answers to the most common questions about buying OGI stock.
Organigram Global Inc. (OGI) generated $-4.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Organigram Global Inc. (OGI) reported negative free cash flow of $16.5M in 2025, indicating capital requirements exceeded cash from operations.
Organigram Global Inc. (OGI) spent $17.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.