Garden Stage Limited (GSIW) Cash Flow Statement
Where GSIW’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- −$4.2M
- Capital expenditures
- $104,716 1.4% of revenue
- Free cash flow
- −$4.3M −59.6% margin
- Returned to shareholders
- —
- Change in cash
- $9.6M cash at year-end $17.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GSIW operating cash flow, capex and free cash flow
GSIW cash flow trends, FY2021–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $10.5MFY2021 | −$4.2MFY2026 | — | |
| Capital expenditures | $3,201FY2021 | $104,716FY2026 | +100.9%/yr | |
| Free cash flow | $10.5MFY2021 | −$4.3MFY2026 | — | |
| Free cash flow margin | 174.6%FY2021 | −59.6%FY2026 | −234.2 pts | |
| Stock-based compensation | $0FY2022 | $1.7MFY2025 | — | |
| Dividends paid | $116,084FY2021 | $0FY2022 | −100.0% | |
| Capex / revenue | 0.1%FY2021 | 1.4%FY2026 | +1.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GSIW cash flow by activity
GSIW 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).
GSIW cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −$13.8M | −$4.3M | −$4.6M | −$26,428 | −$65,631 | −$329,543 |
| Depreciation & amortization | $1.2M | $165,735 | $82,237 | $10,095 | $1,398 | $4,611 |
| Stock-based compensation | — | $1.7M | $1.9M | $0 | $0 | — |
| Change in working capital | $3.8M | $1.2M | −$1.1M | −$223,273 | −$824,858 | $10.8M |
| Other non-cash items | $4.5M | $92,148 | −$3.4M | $245 | $139 | $356 |
| Cash from operating activities | −$4.2M | −$1.1M | −$7.1M | −$239,361 | −$888,952 | $10.5M |
| Investing activities | ||||||
| Capital expenditures | −$104,716 | −$218,235 | −$1,448 | −$2,831 | −$2,352 | −$3,201 |
| Investments (net) | — | −$218,235 | −$1,448 | −$22,194 | −$18,313 | −$3,201 |
| Acquisitions & other investing | −$6.2M | $218,235 | $1,448 | $22,194 | $18,313 | $3,201 |
| Cash from investing activities | −$6.3M | −$218,235 | −$1,448 | −$2,831 | −$2,352 | −$3,201 |
| Financing activities | ||||||
| Dividends paid | — | — | — | — | $0 | −$116,084 |
| Shares issued | $0 | $0 | $10.1M | $796,001 | $0 | $0 |
| Other financing | $20.4M | $263,485 | −$439,730 | −$746,460 | −$4,551 | $383,842 |
| Cash from financing activities | $20.4M | $263,485 | $9.7M | $49,541 | −$4,551 | $267,758 |
| Summary | ||||||
| Net change in cash | $9.6M | −$1.1M | $2.6M | −$196,712 | −$13.9M | $10.7M |
| Cash at end of period | $17.5M | $7.9M | $8.9M | $804,743 | $1.0M | $14.9M |
| Free cash flow | −$4.3M | −$1.4M | −$7.1M | −$242,192 | −$891,304 | $10.5M |
| Free cash flow margin | −59.6% | −25.3% | −519.8% | −58.2% | −300.8% | 174.6% |
| Capex / revenue | 1.4% | 4.0% | 0.1% | 0.7% | 0.8% | 0.1% |
| Jun '26 | Sep '25 | Jun '25 | Dec '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Sep '22 | Mar '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$7.3M | −$6.5M | −$1.0M | −$419,374 | −$3.8M | −$490,937 | −$1.9M | −$95,978 | −$375,830 | $355,412 | −$71,691 | −$32,816 |
| Depreciation & amortization | $1.1M | $36,479 | $92,622 | $8,047 | $5,437 | $5,437 | $20,389 | $5,074 | $19,869 | $38,252 | $5,210 | $699 |
| Stock-based compensation | — | — | — | — | $1.9M | $935,750 | $935,750 | — | — | — | — | — |
| Change in working capital | $2.8M | $990,778 | −$276,125 | $192,438 | −$6.3M | −$687,497 | −$3.1M | $116,943 | $2.6M | −$4.3M | $574,331 | −$412,429 |
| Other non-cash items | $2.6M | $2.1M | $887,450 | $115,208 | $921,853 | −$695,817 | $443,256 | −$35 | −$2.1M | −$2.0M | −$23 | $69 |
| Cash from operating activities | −$821,624 | −$3.4M | −$338,970 | −$103,681 | −$7.3M | −$933,064 | −$3.6M | $26,004 | $101,830 | −$5.9M | $507,827 | −$444,476 |
| Investing activities | ||||||||||||
| Capital expenditures | −$104,716 | −$1 | −$399 | −$27,898 | −$1,448 | −$185 | −$724 | $0 | $0 | −$22 | −$2,825 | −$1,176 |
| Acquisitions & other investing | −$6.2M | — | −$3 | $2 | $0 | — | — | — | — | $0 | $0 | $0 |
| Cash from investing activities | −$6.3M | — | −$402 | −$27,896 | −$1,448 | — | — | — | — | −$22 | −$2,825 | −$1,176 |
| Financing activities | ||||||||||||
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $5.8M | $14.6M | $263,485 | — | $9.9M | $1.3M | $5.0M | −$31,825 | −$124,623 | −$239,936 | $80,063 | −$2,276 |
| Cash from financing activities | $5.8M | $14.6M | $263,485 | — | $9.9M | $1.3M | $5.0M | −$31,825 | −$124,623 | −$239,936 | $80,063 | −$2,276 |
| Summary | ||||||||||||
| Net change in cash | −$1.4M | $11.1M | −$84,435 | −$115,973 | $339,326 | $339,326 | $1.3M | −$5,821 | −$15,190 | −$3.0M | $12.4M | −$13.9M |
| Cash at end of period | $17.5M | $19.0M | $7.9M | $1.0M | $1.1M | $1.1M | $1.3M | $802,724 | −$15,190 | −$3.0M | $12.4M | $1.0M |
| Free cash flow | −$926,340 | −$3.4M | −$339,370 | −$131,580 | −$7.3M | −$933,249 | −$3.6M | $26,004 | $101,830 | −$5.9M | $505,000 | −$445,652 |
| Free cash flow margin | −23.9% | −100.3% | −6.4% | −145.9% | −2,218.1% | −1,109.0% | −1,109.1% | 27.1% | 27.1% | −281.9% | 335.8% | −300.8% |
| Capex / revenue | 2.7% | 0.0% | 0.0% | 30.9% | 0.4% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 1.9% | 0.8% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | −16.49 | — | — |
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.
GSIW cash generation
In fiscal 2026 (ended March 31, 2026), Garden Stage generated -$4.2 million of cash from operations and spent $0.1 million on capital expenditures, leaving free cash flow of -$4.3 million, −59.6% of revenue. Cash and equivalents rose by $9.6 million over the year.
Related: GSIW income statement, GSIW balance sheet. See the GSIW stock overview for the latest quote and news.
GSIW cash flow FAQ
What is Garden Stage's free cash flow?
Garden Stage's free cash flow was -$4.3 million in fiscal 2026: -$4.2 million of operating cash flow minus $0.1 million of capital expenditures It was -$1.4 million a year earlier..
How much cash does Garden Stage generate from operations?
Garden Stage generated -$4.2 million of cash from operating activities in fiscal 2026.
How much does Garden Stage spend on capital expenditures?
Garden Stage spent $0.1 million on capital expenditures in fiscal 2026, 1.4% of revenue, compared with $0.2 million the year before.