Contango Ore, Inc. (CTGO) Cash Flow Statement
Where CTGO’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $25.7M +3,581.6% vs 2024
- Capital expenditures
- $162,492
- Free cash flow
- $25.6M
- Returned to shareholders
- $659,279 3% of free cash flow
- Change in cash
- $44.6M cash at year-end $64.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CTGO operating cash flow, capex and free cash flow
CTGO cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$1.4M2020 | $25.7M2025 | — | |
| Capital expenditures | $36,5312020 | $162,4922025 | +18.0%/yr | |
| Free cash flow | −$1.4M2020 | $25.6M2025 | — | |
| Operating cash flow / net income | −0.352021 | −0.352021 | 0.00 | |
| Stock-based compensation | $3.4M2020 | $3.4M2025 | −0.0%/yr | |
| Dividends paid | $18.3M2022 | $24.5M2023 | +15.8%/yr | |
| Share buybacks (net) | $476,6722020 | $659,2792025 | +3.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CTGO cash flow by activity
CTGO 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).
CTGO cash flow statement
| 2025 | 2024 | 2023 | 2023 | 2022 | 2022 | 2021 | 2021 | 2020 | 2020 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$36.1M | −$38.0M | −$59.1M | −$39.7M | −$23.5M | −$23.5M | $23.9M | $23.9M | −$9.2M | −$9.2M |
| Depreciation & amortization | $140,729 | $121,876 | $54.0M | $136,501 | $55,740 | $55,740 | $55,740 | $55,740 | $0 | $55,740 |
| Stock-based compensation | $3.4M | $2.6M | $3.0M | $2.9M | $4.0M | $4.0M | $3.9M | $3.9M | $3.4M | $3.4M |
| Change in working capital | $71,572 | −$1.6M | −$505,803 | $833,234 | $176,914 | $1.6M | $756,609 | −$308,807 | $88,951 | $759,057 |
| Other non-cash items | $58.3M | $37.6M | −$6.8M | $21.2M | $5.3M | $3.9M | −$37.0M | −$35.9M | $4.4M | $3.7M |
| Cash from operating activities | $25.7M | $698,987 | −$9.4M | −$14.7M | −$13.9M | −$13.9M | −$8.4M | −$8.4M | −$1.4M | −$1.4M |
| Investing activities | ||||||||||
| Capital expenditures | −$162,492 | −$23,667 | −$7,331 | $0 | −$43,989 | −$43,989 | −$36,531 | −$36,531 | −$36,531 | −$36,531 |
| Investments (net) | $1.0M | −$32.1M | — | −$21.1M | −$21.1M | −$15.4M | −$15.4M | $27.4M | $27.4M | −$3.7M |
| Acquisitions & other investing | −$350,000 | $23,667 | −$34.4M | $0 | $5.8M | $43,989 | $42.8M | $0 | −$31.0M | $36,531 |
| Cash from investing activities | $513,182 | −$32.1M | −$34.4M | −$21.1M | −$15.4M | −$15.4M | $27.4M | $27.4M | −$3.7M | −$3.7M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −$24.5M | — | −$18.3M | — | — | — | — |
| Share repurchases & issuance (net) | −$659,279 | — | −$87,804 | −$126 | −$2.3M | −$1.5M | −$876,551 | −$876,551 | −$476,672 | −$476,672 |
| Net borrowing (repayment) | −$37.5M | $22.1M | — | $7.6M | $7.6M | $20.0M | $20.0M | $20.0M | $0 | $20.0M |
| Shares issued | $56.5M | $15.5M | $0 | $0 | $11.6M | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$1.6M | $47.8M | $41.2M | $550,142 | $17.3M | −$5.9M | −$5.9M | $0 | −$20.0M |
| Cash from financing activities | $18.4M | $36.0M | $47.7M | $24.4M | $17.4M | $17.4M | $13.2M | $13.2M | −$476,672 | −$476,672 |
| Summary | ||||||||||
| Net change in cash | $44.6M | $4.6M | −$7.6M | −$11.4M | −$11.9M | −$11.9M | $32.2M | $32.2M | −$5.6M | −$5.6M |
| Cash at end of period | $64.9M | $20.3M | $15.7M | $11.9M | $23.3M | $23.3M | $35.2M | $35.2M | $3.0M | $3.0M |
| Free cash flow | $25.6M | $675,320 | −$9.4M | −$14.7M | −$14.0M | −$14.0M | −$8.4M | −$8.4M | −$1.4M | −$1.4M |
| Operating cash flow / net income | — | — | — | — | — | — | −0.35 | −0.35 | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $4.8M | −$14.3M | −$24.1M | −$5.4M | $15.9M | −$22.5M | $10.7M | −$9.7M | −$18.5M | −$20.5M | −$27.6M | −$13.1M |
| Depreciation & amortization | $39,924 | $239,068 | $39,590 | $33,776 | $33,741 | $33,622 | $33,631 | $88,245 | $26,996 | $26,996 | $26,623 | $25,997 |
| Stock-based compensation | $1.4M | $978,063 | $1.2M | $825,554 | $759,084 | $532,621 | $665,471 | $660,985 | $641,554 | $670,625 | $882,783 | $739,784 |
| Change in working capital | $6.0M | $1.5M | −$190,326 | $784,033 | −$451,655 | −$70,480 | −$30,615 | $535,995 | −$88,811 | −$1.0M | −$827,064 | −$381,203 |
| Other non-cash items | −$12.9M | −$38.0M | −$11.5M | $27.0M | −$7.9M | $50.6M | −$21.3M | $25.9M | $15.5M | $16.4M | $21.7M | $9.2M |
| Cash from operating activities | −$725,286 | −$49.6M | −$34.5M | $23.3M | $8.4M | $28.6M | −$9.9M | $17.5M | −$2.4M | −$4.4M | −$5.9M | −$3.6M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$5 | −$150,495 | −$2,127 | −$9,870 | −$18,675 | −$18,675 | −$35,175 | −$333 | −$7,500 | −$334 | −$6,995 |
| Investments (net) | — | — | — | −$202,127 | −$159,870 | $0 | −$214,522 | −$4.7M | −$11.8M | −$15.5M | −$7.4M | −$27.0M |
| Acquisitions & other investing | — | $30.8M | $1.0M | $2,127 | $9,870 | −$195,847 | $18,675 | $35,175 | $333 | $7,500 | $334 | $6,995 |
| Cash from investing activities | — | $30.8M | $875,179 | −$202,127 | −$159,870 | −$214,522 | −$214,522 | −$4.7M | −$11.8M | −$15.5M | −$7.4M | −$27.0M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$10.0M |
| Share repurchases & issuance (net) | — | — | −$46,896 | — | — | −$659,279 | — | — | — | −$21 | −$27,118 | −$21,190 |
| Net borrowing (repayment) | −$1.0M | −$1.0M | −$8.5M | −$7.0M | −$8.2M | −$13.8M | −$5.9M | −$2.0M | — | — | — | — |
| Shares issued | $3.1M | $52.4M | $0 | $54.5M | $1.3M | $798,922 | $0 | $1.3M | $14.0M | $221,341 | $0 | $28.2M |
| Other financing | $1.3M | $0 | $0 | −$1 | $0 | $0 | −$30,667 | −$60,738 | $16.8M | $11.8M | $10.3M | $19.3M |
| Cash from financing activities | $3.4M | $51.4M | −$8.5M | $47.5M | −$6.9M | −$13.7M | −$5.9M | −$779,179 | $30.7M | $12.0M | $10.2M | $37.5M |
| Summary | ||||||||||||
| Net change in cash | −$8.4M | $32.6M | −$42.1M | $70.5M | $1.3M | $14.9M | −$16.1M | $12.0M | $16.5M | −$7.9M | −$3.0M | $6.9M |
| Cash at end of period | $89.1M | $97.6M | $64.9M | $107.1M | $36.6M | $35.2M | $20.3M | $36.4M | $24.4M | $7.9M | $15.7M | $18.7M |
| Free cash flow | −$9.1M | −$49.6M | −$34.6M | $23.3M | $8.4M | $28.6M | −$9.9M | $17.5M | −$2.4M | −$4.4M | −$5.9M | −$3.6M |
| Operating cash flow / net income | −0.15 | — | — | — | 0.53 | — | −0.93 | — | — | — | — | — |
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.
CTGO cash generation
In fiscal 2025 (ended December 31, 2025), Contango Ore generated $25.7 million of cash from operations (up 3,581.6%) and spent $0.2 million on capital expenditures, leaving free cash flow of $25.6 million. It returned $0.7 million to shareholders through dividends ($0) and net share buybacks ($0.7 million). Cash and equivalents rose by $44.6 million over the year.
Related: CTGO income statement, CTGO balance sheet. See the CTGO stock overview for the latest quote and news.
CTGO cash flow FAQ
What is Contango Ore's free cash flow?
Contango Ore's free cash flow was $25.6 million in fiscal 2025: $25.7 million of operating cash flow minus $0.2 million of capital expenditures It was $0.7 million a year earlier..
How much cash does Contango Ore generate from operations?
Contango Ore generated $25.7 million of cash from operating activities in fiscal 2025.
How much does Contango Ore spend on capital expenditures?
Contango Ore spent $0.2 million on capital expenditures in fiscal 2025, compared with $0.0 million the year before.
How much stock does Contango Ore buy back?
Contango Ore spent $0.7 million on net share repurchases in fiscal 2025.