BTQ Technologies Corp. (BTQ) Cash Flow Statement

NASDAQ: BTQOperating cash, capex, free cash flow and buybacks.

Where BTQ’s cash came from and went, 2025

December 31, 2025 · Canadian dollars

Cash from operations: −C$15.0M
Capital expenditures: C$21,337
Free cash flow: −C$15.0M
Returned to shareholders: —
Change in cash: C$11.6M

Cash from operations

−C$15.0M

Investments (net)

−C$7.8M

Acquisitions & other

−C$3.3M

Shares issued

+C$40.7M

Other financing

−C$3.0M

Change in cash

C$11.6M

Drawn to scale: where the cash came from and how it was used. Hover for values.

BTQ operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

BTQ cash flow trends, 2022–2025

BTQ Technologies Corp. cash flow trends
Metric	Then	Latest	Change
Operating cash flow	−C$223,3382022	−C$15.0M2025	—
Capital expenditures	C$122,4322022	C$21,3372025	−44.1%/yr
Free cash flow	−C$223,3382022	−C$15.0M2025	—
Free cash flow margin	−745.7%2024	−4,763.9%2025	−4,018.2 pts
Stock-based compensation	C$632,2002022	C$10.6M2025	+155.9%/yr
Capex / revenue	41.4%2024	6.8%2025	−34.6 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

BTQ cash flow by activity

OperatingInvestingFinancingChange in cash

BTQ net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

BTQ cash flow statement in Canadian dollars

BTQ Technologies Corp. annual cash flow statement
	2025	2024	2023	2022
Operating activities
Net income	−C$24.6M	−C$6.1M	−C$15.4M	−C$1.2M
Depreciation & amortization	C$2,030	C$86,880	C$113,164	C$90,299
Stock-based compensation	C$10.6M	C$1,063	C$3.9M	C$632,200
Change in working capital	−C$722,395	C$882,674	−C$664,320	C$420,469
Other non-cash items	−C$274,518	C$410,550	C$5.1M	−C$210,543
Cash from operating activities	−C$15.0M	−C$4.7M	−C$6.9M	−C$223,338
Investing activities
Capital expenditures	−C$21,337	−C$275,782	−C$17,788	−C$122,432
Investments (net)	−C$7.8M	C$594,912	−C$588,314	−C$63,915
Acquisitions & other investing	−C$3.3M	C$10,946	C$1.4M	—
Cash from investing activities	−C$11.1M	C$330,076	C$745,960	—
Financing activities
Net borrowing (repayment)	C$0	C$1.4M	−C$104,016	−C$372,936
Shares issued	C$40.7M	C$10.3M	C$7.2M	C$7.2M
Other financing	−C$3.0M	−C$860,833	−C$93,174	C$372,936
Cash from financing activities	C$37.7M	C$10.8M	C$7.0M	C$7.2M
Summary
Net change in cash	C$11.6M	C$6.5M	C$803,809	C$7.0M
Cash at end of period	C$20.9M	C$9.3M	C$2.9M	C$7.2M
Free cash flow	−C$15.0M	−C$5.0M	−C$7.0M	−C$223,338
Free cash flow margin	−4,763.9%	−745.7%	—	—
Capex / revenue	6.8%	41.4%	—	—

BTQ Technologies Corp. quarterly cash flow statement
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Operating activities
Net income	−C$16.7M	−C$19.9M	−C$11.8M	−C$9.0M	−C$1.9M	−C$1.8M	−C$1.5M	−C$1.0M	−C$1.7M
Depreciation & amortization	C$61,232	C$48,910	C$1,027	C$602	C$401	C$0	C$4,356	C$26,920	C$27,633
Stock-based compensation	C$7.8M	C$11.6M	C$4.9M	C$4.5M	C$538,232	C$607,008	C$191,994	−C$324,481	C$191,820
Change in working capital	C$4.6M	−C$1.2M	−C$612,157	C$877,605	−C$707,897	−C$279,946	−C$369,201	C$232,314	C$848,744
Other non-cash items	−C$1.6M	C$1.5M	−C$270,618	C$2,317	−C$6,109	−C$108	C$366,857	C$42,657	−C$1,295
Cash from operating activities	−C$5.9M	−C$8.0M	−C$7.8M	−C$3.6M	−C$2.1M	−C$1.5M	−C$1.3M	−C$1.1M	−C$628,290
Investing activities
Capital expenditures	−C$29,267	−C$93,235	−C$9,304	−C$4	C$0	C$0	C$0	C$0	C$0
Investments (net)	C$0	−C$694,320	−C$7.8M	C$0	−C$12,033	C$5,751	C$25,225	C$301,976	C$0
Acquisitions & other investing	—	C$0	−C$3.3M	—	C$0	C$0	C$0	C$0	—
Cash from investing activities	—	−C$787,555	−C$11.1M	—	−C$12,033	C$5,751	C$25,225	C$301,976	—
Financing activities
Net borrowing (repayment)	−C$57,112	−C$56,764	C$0	C$0	C$0	C$0	C$500,000	C$974,660	—
Shares issued	C$0	C$0	C$724,925	C$40.0M	C$0	C$0	C$10.2M	C$104,000	C$0
Other financing	C$3.6M	C$43,125	−C$344,050	−C$3.0M	C$81,125	C$176,175	−C$860,833	−C$104,000	−C$25,376
Cash from financing activities	C$3.5M	−C$13,639	C$380,875	C$37.0M	C$81,125	C$176,175	C$9.8M	C$974,660	−C$25,376
Summary
Net change in cash	−C$2.4M	−C$8.8M	−C$18.5M	C$33.4M	−C$2.1M	−C$1.3M	C$8.5M	C$224,700	−C$653,666
Cash at end of period	C$9.7M	C$12.1M	C$20.9M	C$39.4M	C$6.0M	C$8.0M	C$9.3M	C$822,679	C$597,979
Free cash flow	−C$5.9M	−C$8.1M	−C$7.8M	−C$3.6M	−C$2.1M	−C$1.5M	−C$1.3M	−C$1.3M	−C$628,290
Free cash flow margin	—	—	—	—	−3,258.2%	−594.0%	−529.5%	−407.2%	−693.7%
Capex / revenue	—	—	—	—	0.0%	0.0%	0.0%	0.0%	0.0%

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.

BTQ cash generation

In fiscal 2025 (ended December 31, 2025), BTQ Technologies generated -C$15.0 million of cash from operations and spent C$0.0 million on capital expenditures, leaving free cash flow of -C$15.0 million, −4,763.9% of revenue. Cash and equivalents rose by C$11.6 million over the year.

Related: BTQ income statement, BTQ balance sheet. See the BTQ stock overview for the latest quote and news.

BTQ cash flow FAQ

What is BTQ Technologies's free cash flow?

BTQ Technologies's free cash flow was -C$15.0 million in fiscal 2025: -C$15.0 million of operating cash flow minus C$0.0 million of capital expenditures It was -C$5.0 million a year earlier..

How much cash does BTQ Technologies generate from operations?

BTQ Technologies generated -C$15.0 million of cash from operating activities in fiscal 2025.

How much does BTQ Technologies spend on capital expenditures?

BTQ Technologies spent C$0.0 million on capital expenditures in fiscal 2025, 6.8% of revenue, compared with C$0.3 million the year before.