Blue Gold Limited Class A (BGL) Cash Flow Statement
Where BGL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$10.6M
- Capital expenditures
- $96,735
- Free cash flow
- −$10.7M
- Returned to shareholders
- —
- Change in cash
- $508,885 cash at year-end $679,442
Drawn to scale: where the cash came from and how it was used. Hover for values.
BGL operating cash flow, capex and free cash flow
BGL cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$1.2M2021 | −$10.6M2025 | — | |
| Capital expenditures | $02021 | $96,7352025 | — | |
| Free cash flow | −$1.2M2021 | −$10.7M2025 | — | |
| Operating cash flow / net income | −0.142021 | −1.132024 | −0.99 | |
| Stock-based compensation | $02024 | $1.2M2025 | — | |
| Share buybacks (net) | $195.4M2023 | $51.8M2024 | −73.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BGL cash flow by activity
BGL net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BGL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −$21.9M | $702,959 | $5.1M | $13.8M | $8.7M |
| Depreciation & amortization | $54,799 | $41,768 | — | — | — |
| Stock-based compensation | $1.2M | $0 | — | — | — |
| Change in working capital | $2.1M | $1.3M | $395,573 | $1.1M | −$859,495 |
| Other non-cash items | $8.0M | −$2.9M | −$9.7M | −$16.1M | −$9.1M |
| Cash from operating activities | −$10.6M | −$793,442 | −$4.2M | −$1.2M | −$1.2M |
| Investing activities | |||||
| Capital expenditures | −$96,735 | −$355,277 | −$4 | −$3 | $0 |
| Acquisitions & other investing | $0 | $51.8M | $193.2M | — | −$234.6M |
| Cash from investing activities | −$96,735 | $51.4M | $193.2M | — | −$234.6M |
| Financing activities | |||||
| Share repurchases & issuance (net) | — | −$51.8M | −$195.4M | — | — |
| Net borrowing (repayment) | $6.0M | $3.1M | — | — | — |
| Shares issued | $5.2M | $3.6M | $0 | $0 | $0 |
| Other financing | $13,264 | −$5.7M | $6.6M | $500,000 | $236.5M |
| Cash from financing activities | $11.2M | −$50.8M | −$188.8M | $500,000 | $236.5M |
| Summary | |||||
| Net change in cash | $508,885 | −$179,082 | $181,305 | −$659,017 | $700,293 |
| Cash at end of period | $679,442 | $43,499 | $222,581 | $41,276 | $700,293 |
| Free cash flow | −$10.7M | −$793,440 | −$4.2M | −$1.2M | −$1.2M |
| Operating cash flow / net income | — | −1.13 | −0.81 | −0.08 | −0.14 |
| Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | $237,748 | $662,463 | −$104,269 | −$92,983 | −$1.6M | $2.7M |
| Depreciation & amortization | — | — | $89,381 | — | — | — |
| Change in working capital | $353,276 | $255,591 | $348,149 | $387,415 | −$680,030 | −$1.2M |
| Other non-cash items | −$795,557 | −$1.2M | −$452,249 | −$522,811 | $1.1M | −$3.0M |
| Cash from operating activities | −$204,533 | −$241,542 | −$118,988 | −$228,379 | −$1.2M | −$1.4M |
| Investing activities | ||||||
| Capital expenditures | −$3 | $0 | −$2 | $0 | −$4 | −$3 |
| Acquisitions & other investing | $51.8M | −$354,479 | — | — | $89.7M | −$899,997 |
| Cash from investing activities | $51.8M | −$354,479 | — | — | $89.7M | −$900,000 |
| Financing activities | ||||||
| Share repurchases & issuance (net) | −$51.8M | — | — | — | −$195.4M | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $253,100 | $625,739 | $100,000 | $50,000 | $107.0M | $1.9M |
| Cash from financing activities | −$51.6M | $625,739 | $100,000 | $50,000 | −$88.4M | $1.9M |
| Summary | ||||||
| Net change in cash | −$11,433 | $29,718 | −$18,988 | −$178,379 | $73,013 | −$422,883 |
| Cash at end of period | $43,499 | $54,932 | $25,214 | $44,202 | $222,581 | $149,568 |
| Free cash flow | −$204,530 | −$241,540 | −$118,990 | −$228,380 | −$1.2M | −$1.4M |
| Operating cash flow / net income | −0.86 | −0.36 | — | — | — | −0.52 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BGL cash generation
In fiscal 2025 (ended December 31, 2025), Blue Gold generated -$10.6 million of cash from operations and spent $0.1 million on capital expenditures, leaving free cash flow of -$10.7 million. Cash and equivalents rose by $0.5 million over the year.
Related: BGL income statement, BGL balance sheet. See the BGL stock overview for the latest quote and news.
BGL cash flow FAQ
What is Blue Gold's free cash flow?
Blue Gold's free cash flow was -$10.7 million in fiscal 2025: -$10.6 million of operating cash flow minus $0.1 million of capital expenditures It was -$0.8 million a year earlier..
How much cash does Blue Gold generate from operations?
Blue Gold generated -$10.6 million of cash from operating activities in fiscal 2025.
How much does Blue Gold spend on capital expenditures?
Blue Gold spent $0.1 million on capital expenditures in fiscal 2025, compared with $0.4 million the year before.