Structural cash burn persists with negative free cash flow of $1.4 million in 2026Q2, highlighting the company's inability to fund its $647.8K quarterly capital expenditure through internal operations.
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 | Aug'03 | Aug'02 | Aug'01 |
|---|
| Cash from Operations | -5.18M | -3.37M | -2.54M | -3.79M | -4.47M | -8.05M | -3.12M | -4.95M | -23.36M | 2.62M | 1.65M | 217K | -5.62M | -274.14K | -2.52M | -6.02M | -6.33M | -4.95M | -4.28M | -3.49M | -2.13M | -2.18M | -898.26K | -491.08K | -664.13K | -403.4K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -2884.03% | - |
| Operating CF Growth % | -388.84% | -32.85% | 33.01% | 15.19% | 44.51% | -158.14% | 37% | 78.8% | -991.19% | 59.33% | 658.06% | 103.86% | -1951.43% | 89.14% | 58.08% | 4.87% | -27.94% | -15.58% | -22.79% | -63.55% | 2.32% | -142.94% | -82.91% | 26.06% | -64.63% | - |
| Net Income | -6.12M | -4.54M | -4.61M | -5.66M | -8.24M | -13.06M | -7.13M | -16.78M | -41.02M | -590.37M | -36.65M | -3.97M | -9.62M | -11.45M | -10.27M | -12.48M | 25.14M | -6.36M | -4.79M | -6.4M | -3.49M | -3.2M | -1.71M | -1.26M | -963.57K | -311.48K |
| Depreciation & Amortization | 67K | 68K | 72K | 83K | 91K | 122K | 177K | 235K | 347K | 535K | 446K | 518K | 435.93K | 366.15K | 389.71K | 267K | 98.66K | 107.03K | 124.42K | 118.38K | 84.95K | 63.78K | 24.2K | 11.17K | 6.58K | 4.56K |
| Stock-Based Compensation | 2.41M | 1.19M | 1.36M | 1.98M | 2.16M | 3.18M | 1.57M | 787K | 77K | 1.14M | 150K | 1.18M | 2.04M | 1.11M | 2.02M | 7.06M | 129.76K | 1.92M | 546.11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 18K | 31K | 42K | -7K | 55K | 72K | 106K | 0 | 1.66M | -7.49M | 895K | -192.21K | 163.16K | 2.77M | -2.11M | 13.75M | -290.35K | -400.97K | 0 | 0 | -667.65K | -211.78K | -153.43K | -291.07K | 0 |
| Other Non-Cash Items | -1.34M | -219K | 284K | 412K | 1.76M | 4.61M | 2.93M | 11.2M | 17.03M | 587.12M | 41.33M | 3.58M | 4.97M | 7.45M | 2.53M | 888.38K | -45.82M | 0 | 0 | 2.66M | 1.16M | 1.97M | 752.27K | 691.1K | 713.71K | 4.73K |
| Working Capital Changes | -172K | 104K | 319K | -645K | -239K | -2.96M | -739K | -502K | 209K | 2.53M | 3.87M | -1.98M | -3.26M | 2.08M | 34.24K | 356.35K | 371.73K | -324.4K | 237.98K | 130.75K | 111.55K | -353.57K | 245.49K | 223.53K | -129.79K | -101.21K |
| Change in Receivables | 77K | 164K | 48K | -172K | -173K | 30K | 234K | 195K | -42K | 3.6M | -2.12M | -2.3M | -3.02M | 2.1M | -658.58K | 586.92K | -257.59K | -231.77K | 97.34K | -65.39K | -46.08K | -86.65K | -125.49K | 157.22K | 27.65K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -249K | -60K | 271K | -473K | -66K | -102K | -973K | -697K | 251K | -1.07M | 1.55M | 503.7K | -244.63K | -21.82K | 692.82K | -230.57K | 629.32K | -130.31K | 146.88K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -5.53M | -13.15M | -3.72M | -5.07M | -3.66M | -2.81M | -5.37M | 552K | 7.89M | -118.48M | -127.68M | -149.5M | -149.47M | -63.17M | -42.06M | -92.17M | -23.62M | -2.86M | -8.07M | -5.46M | -5.9M | -4.67M | -2.57M | -1.29M | -830.41K | -333.92K |
| Capital Expenditures | -2.16M | -2.08M | -3.42M | -4.45M | -3.36M | -2.42M | -4.95M | -6.99M | -9.13M | -134.49M | -133.35M | -143.79M | -142.38M | -69.31M | -37.2M | -21.57M | -26.77M | -230.94K | -632.08K | -1.07M | -713.75K | -1.13M | -435.96K | -342.71K | -80.47K | -95.65K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 349.44% | - |
| Acquisitions | 0 | -40K | -232K | -575K | -250K | -350K | -350K | -554K | 16.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -148.44K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -12.74M | 23K | -63K | -53K | -48K | -43K | -67K | 145K | 890K | 16.01M | 5.67M | -5.7M | -7.09M | 6.15M | -4.86M | -70.6M | 323.24K | -1.78M | -1.21M | 0 | 0 | -3.55M | -2.13M | -945.24K | -612.34K | -238.27K |
| Cash from Financing | 49.7M | 13.33M | 2.74M | 3.7M | 14.46M | 15.59M | 4.59M | 6.44M | 14.55M | 97.22M | 106.68M | 105.3M | 152.04M | 160.35M | 0 | 162.18M | 1.09M | 36.28M | 2.1M | 11.41M | 14.65M | 7.13M | 4.56M | 1.85M | 1.08M | 1.59M |
| Debt Issued (Net) | -89K | -87K | -88K | -88K | -9.49M | -10.69M | -66K | -21.02M | -63.16M | 20M | 80M | 0 | 0 | 0 | 0 | 0 | -21.24K | -10.47K | -72.45K | -20.87K | -2.42K | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 49.36M | 14.19M | 2.5M | 1.94M | 25.87M | 27.8M | 5.71M | 25.02M | 19.88M | 88.77M | 33M | 113.84M | 161.15M | 170.75M | 0 | 146.9M | 1.09M | 36.29M | 2.17M | 11.43M | 14.65M | 7.14M | 4.56M | 1.85M | 1.08M | 876.08K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -111K | 0 | 0 | -40K | 0 | -151K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 431.25K | -770K | 326K | 1.85M | -1.92M | -1.51M | -1.05M | 2.44M | 57.83M | -11.55M | -6.32M | -8.54M | -9.12M | -10.4M | 0 | 15.28M | 21.24K | 0 | 0 | 0 | 0 | -11.28K | 0 | 0 | 0 | 714.84K |
| Net Change in Cash | 39.44M | -3.28M | -3.29M | -5.34M | 6.27M | 4.75M | -4.24M | 2.53M | -397K | -13.04M | -22.63M | -60.38M | -3.34M | 89.28M | -46.78M | 63.08M | -28.86M | 28.47M | -10.25M | 2.46M | 6.62M | 275.55K | 1.09M | 69.16K | -414.3K | 853.6K |
| Free Cash Flow | -6.69M | -5.45M | -5.96M | -8.24M | -7.83M | -10.47M | -8.07M | -11.94M | -32.48M | -131.87M | -131.71M | -143.58M | -148M | -69.59M | -39.72M | -46.66M | -33.37M | -6.96M | -6.12M | -4.55M | -2.85M | -3.31M | -1.33M | -833.79K | -744.6K | -499.06K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -3233.47% | - |
| FCF Growth % | -30.43% | 8.51% | 27.62% | -5.21% | 25.23% | -29.68% | 32.4% | 63.24% | 75.37% | -0.12% | 8.27% | 2.99% | -112.68% | -75.18% | 14.87% | -39.81% | -379.41% | -13.67% | -34.54% | -59.98% | 13.97% | -147.88% | -60.02% | -11.98% | -49.2% | - |
| FCF per Share | -0.05 | -0.05 | -0.06 | -0.08 | -0.09 | -0.15 | -0.13 | -0.37 | -1.70 | -10.46 | -16.37 | -20.63 | -29.51 | -21.41 | -22.37 | -28.42 | -34.97 | -9.61 | -9.88 | -7.84 | -6.02 | -7.67 | -4.15 | -0.41 | -4.15 | -9.31 |
| FCF Conversion (FCF/Net Income) | 1.09x | 0.74x | 0.55x | 0.67x | 0.56x | 0.61x | 0.42x | 0.30x | 0.62x | -0.00x | -0.08x | -0.08x | 0.58x | 0.02x | 0.24x | 0.66x | -0.25x | 0.78x | 0.89x | 0.55x | 0.61x | 0.68x | 0.53x | 0.39x | 0.69x | 1.30x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to the provided cash flow statements, the company consistently reports negative operating cash flows, with the OCF/NI ratio fluctuating significantly, such as the 0.70 observed in 2026Q2, which underscores the lack of operational earnings to support the firm's ongoing administrative and development-related cash requirements.
The persistent gap between net income and operating cash flow suggests that non-cash items and working capital adjustments are not sufficient to bridge the firm's fundamental lack of revenue. Investors should monitor this divergence, as it indicates that the company remains entirely reliant on external financing to fund its daily operations.
As reported in financial statements, the company has generated negative free cash flow in every quarter over the last ten periods, with the 2026Q2 outflow of $1.4 million highlighting the structural cash burn inherent in the current pre-revenue development phase of the Waterberg Project.
The consistent negative FCF trajectory suggests that the company is consuming its limited capital reserves at an accelerating rate relative to its remaining cash balance. This trend warrants further investigation into the firm's ability to reach a final investment decision before its liquidity is fully exhausted.
Based on the quarterly data, the company continues to deploy capital into exploration and development activities, with CAPEX reaching $647.8K in 2026Q2, despite the absence of any revenue generation to justify the ongoing investment in the Waterberg Project's long-term asset base.
The continued expenditure on capital projects appears to be a necessary commitment to maintain the asset's viability, yet it exacerbates the firm's liquidity risk. Without a clear path to production, this capital intensity may indicate a high risk of further shareholder dilution to fund essential project maintenance.
As indicated by recent filings, stock-based compensation remains a significant non-cash adjustment, with $625,000 recorded in 2026Q2, which effectively masks the true extent of the company's cash burn by inflating the reported net income relative to the actual cash outflows required for corporate operations.
The reliance on stock-based compensation as a primary tool for managing cash expenses suggests that the company is prioritizing liquidity preservation at the cost of significant equity dilution. Analysts should interpret these adjustments as a signal that the firm's operational costs are higher than the cash flow statement might initially imply.
Quick answers to the most common questions about buying PLG stock.
Platinum Group Metals Ltd. (PLG) generated $-3.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Platinum Group Metals Ltd. (PLG) reported negative free cash flow of $5.5M in 2025, indicating capital requirements exceeded cash from operations.
Platinum Group Metals Ltd. (PLG) spent $2.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.