While 2025Q3 showed a positive $3.0M in free cash flow, the historical volatility and frequent working capital drains, such as the $5.7M outflow in 2025Q2, suggest that self-sustaining cash generation remains elusive.
Orion Digital Corp. (ORIO) cash flow statement — 14-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 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 8.27M | 19.5M | -1.27M | -9.17M | -27.01M | -31.09M | 41.82M | 7.19M | 7.2M | 3.62M | -12.81M | -56.97M | -23.06M | -5.21M | -4.06M |
| Operating CF Margin % | - | 28.66% | -1.79% | -14.06% | -39.17% | -54.05% | 185.17% | 11.64% | 12.78% | 7.33% | -25.51% | -130.87% | -98.55% | -86.63% | -65.73% |
| Operating CF Growth % | 1264.86% | 1634.47% | 86.13% | 66.06% | 13.13% | -174.34% | 481.81% | -0.2% | 98.89% | 128.26% | - | -147.04% | -342.23% | -28.35% | - |
| Net Income | -18.85M | -8.53M | -13.68M | -17.89M | -165.68M | -33.21M | -13.48M | -11.12M | -21.95M | -20.02M | -17.22M | -21.35M | -13.07M | -5.59M | -3.34M |
| Depreciation & Amortization | 7.85M | 7.99M | 8.42M | 9.07M | 12.64M | 12.74M | 8.96M | 8.27M | 6.85M | 4.1M | 2.06M | 1.69M | 1.4M | 107.74K | 186.07K |
| Stock-Based Compensation | 782K | 0 | 1.94M | 2.48M | 8.71M | 11.68M | 0 | 0 | 0 | 0 | 0 | 1.19M | 311.29K | 79.14K | 0 |
| Deferred Taxes | -101K | 0 | -341K | -400K | -336K | -285K | 0 | 0 | 0 | 0 | 0 | 15.54M | 8.09M | 0 | 0 |
| Other Non-Cash Items | 27.35M | 21.07M | 18.77M | -2.23M | 136.99M | -3.73M | 17.52M | 10.13M | 22.71M | 17.6M | 20.22M | 387.84K | 231.18K | 6.04M | -904.18K |
| Working Capital Changes | -10.87M | -1.03M | -16.38M | -190.89K | -19.33M | -18.28M | 28.82M | -86.29K | -410.69K | 1.94M | -17.88M | -54.43M | -20.03M | -5.84M | 0 |
| Change in Receivables | -8.31M | 0 | -15.81M | 0 | -16.39M | -17.08M | 0 | 0 | 0 | -25.29M | -15.75M | -57.26M | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.84M | -6.02M | -2.2M | 1.43M | -805K | 2.78M | -3.34M | -331.81K | 1.41M | 2.53M | -432.87K | 1.43M | 283.33K | 0 | 0 |
| Cash from Investing | 9.01M | -8.81M | -2.79M | -3.09M | -9.15M | -39.59M | -2.75M | -32.15M | -47.33M | -30.79M | -7.39M | -8.73M | -2.31M | -1.78M | -1.14M |
| Capital Expenditures | -1.93M | -2.66M | -79K | -2.58M | -455K | -464K | -4.83M | -9.33M | -11.02M | -5.5M | -7.39M | -8.73M | -2.31M | -164.65K | -58.32K |
| CapEx % of Revenue | 2.6% | 3.9% | 0.11% | 3.96% | 0.66% | 0.81% | 21.39% | 15.12% | 19.55% | 11.14% | 14.71% | 20.05% | 9.87% | 2.74% | 0.94% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -31.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -11.34M | -20.51M | -3.17M | -757.61K | -6.86M | -8.75M | 2.08M | -22.81M | -36.31M | -25.29M | 0 | -4.64M | -1.99M | -1.62M | -1.08M |
| Cash from Financing | -2.13M | -1.52M | -3.52M | -861K | -3.08M | 125.86M | -37.37M | 14.66M | 20.07M | 49.43M | 7.01M | 73.82M | 47.52M | 7.49M | 5.38M |
| Debt Issued (Net) | -1.59M | 155.87K | -3.41M | 507.78K | -629.26K | 4.63M | -39.35M | 2.03M | 19.76M | 24.52M | 5.1M | 28.01M | 20.07M | 7.49M | 0 |
| Equity Issued (Net) | -234.45K | -1.07M | -104K | -846.55K | -1.63M | 113.33M | 2.57M | 790.99K | 310.01K | 24.9M | 1.91M | 46.46M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -269.42K | -1.11M | -104K | -846.55K | -1.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -305.04K | -603.51K | 0 | -522.23K | -822.74K | 7.91M | -595.34K | 11.84M | 0 | 0 | 0 | -647.71K | 27.45M | 0 | 5.38M |
| Net Change in Cash | 15.14M | 9.55M | -7.6M | -13.13M | -38.49M | 55.64M | 1.89M | -9.23M | -23.7M | 23.5M | -12.09M | 8.13M | 22.15M | 492.47K | 181.98K |
| Free Cash Flow | 6.68M | 19.45M | -4.53M | 7.12M | -34.95M | -39.06M | 41.8M | 6.52M | 3.8M | 3.21M | -13.76M | -65.7M | -25.37M | -5.38M | -4.12M |
| FCF Margin % | 9% | 28.59% | -6.35% | 10.91% | -50.68% | -67.9% | 185.07% | 10.57% | 6.75% | 6.5% | -27.38% | -150.92% | -108.42% | -89.37% | -66.67% |
| FCF Growth % | 724.98% | 529.93% | -163.58% | 120.37% | 10.53% | -193.45% | 540.74% | 71.49% | 18.45% | 123.35% | - | -158.96% | -371.63% | -30.53% | - |
| FCF per Share | 0.28 | 0.81 | -0.19 | 0.29 | -1.37 | -1.86 | 4.34 | 0.99 | 0.69 | 0.66 | -3.03 | -15.01 | -9.92 | -2.42 | -1.85 |
| FCF Conversion (FCF/Net Income) | -0.35x | -2.29x | 0.09x | 0.51x | 0.16x | 0.94x | -3.11x | -0.65x | -0.33x | -0.18x | 0.74x | 2.67x | 1.76x | 0.93x | 1.21x |
| 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 |
Quick answers to the most common questions about buying ORIO stock.
Orion Digital Corp. (ORIO) generated $19.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Orion Digital Corp. (ORIO) generated $19.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Orion Digital Corp. (ORIO) spent $2.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Orion Digital Corp. (ORIO) spent $1.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent operating cash burn
Earnings Quality Remains Highly Disconnected
As reported in recent financial statements, the relationship between net income and operating cash flow is frequently inverse, with the company recording a net loss of $4.5M in 2025Q3 while simultaneously generating $3.0M in operating cash, highlighting a significant disconnect between accounting profits and actual cash generation.
The persistent divergence between net income and operating cash flow suggests that non-cash items and fair value adjustments are heavily distorting the bottom line. Investors should monitor whether this cash flow volatility is a structural feature of the venture portfolio or a temporary byproduct of the current business model transition.
Free Cash Flow Remains Highly Volatile
Based on the company's reported figures, free cash flow has exhibited extreme inconsistency over the last ten quarters, swinging from a negative $4.6M in 2024Q1 to a positive $3.0M in 2025Q3, which underscores the difficulty in achieving a predictable, self-sustaining cash flow trajectory for the firm.
The erratic nature of free cash flow suggests that the company's underlying operations are not yet optimized for consistent cash generation. This instability warrants further investigation into whether the recent positive FCF in 2025Q3 is a sustainable trend or merely a result of temporary working capital management.
Working Capital Dynamics Impede Liquidity
According to the provided cash flow data, the company has experienced consistent working capital outflows in nearly every quarter over the past two years, with a notable $5.7M drain in 2025Q2, indicating that operational growth is currently consuming rather than generating necessary liquid resources for the business.
These recurring working capital outflows suggest that the company is struggling to manage its cash conversion cycle effectively. The persistent need to fund these gaps may continue to pressure the firm's limited cash reserves until the business achieves a more efficient scale.
Capital Intensity Remains Relatively Low
As evidenced by the financial data, the company maintains a low capital intensity, with CapEx/Revenue ratios frequently remaining below 2.5%, suggesting that the firm's infrastructure-heavy model is not currently requiring massive, recurring capital expenditures to maintain its existing digital service delivery capabilities.
The relatively modest investment in property and equipment appears to reflect a focus on software-centric growth rather than physical asset expansion. While this preserves cash, it also implies that the company's competitive moat relies heavily on intangible development, which may require ongoing R&D spending not fully captured in CapEx.