OrganiGram Holdings Inc. (OGI) Cash Flow Statement
Where OGI’s cash came from and went, FY2025
September 30, 2025 · Canadian dollars- Cash from operations
- −C$7.6M −296.0% vs FY2024
- Capital expenditures
- C$17.0M 9.2% of revenue
- Free cash flow
- −C$24.6M −13.2% margin
- Returned to shareholders
- —
- Change in cash
- −C$49.0M cash at year-end C$83.6M
Cash from operations
−C$7.6M
Capital expenditures
−C$17.0M
Investments (net)
+C$1.5M
Acquisitions & other
−C$65.5M
Net borrowing (repayment)
−C$1.9M
Shares issued
+C$41.2M
Currency & other
+C$317,000
Change in cash
−C$49.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
OGI operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
OGI cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$1.8MFY2016 | −C$7.6MFY2025 | — | |
| Capital expenditures | C$4.4MFY2016 | C$17.0MFY2025 | +16.2%/yr | |
| Free cash flow | −C$6.2MFY2016 | −C$24.6MFY2025 | — | |
| Free cash flow margin | −101.0%FY2016 | −13.2%FY2025 | +87.8 pts | |
| Operating cash flow / net income | −2.09FY2016 | −0.57FY2018 | +1.52 | |
| Stock-based compensation | C$442,349FY2016 | C$4.2MFY2025 | +28.5%/yr | |
| Dividends paid | C$0FY2016 | C$0FY2022 | — | |
| Share buybacks (net) | C$0FY2016 | C$0FY2019 | — | |
| Capex / revenue | 72.1%FY2016 | 9.2%FY2025 | −62.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OGI cash flow by activity
OperatingInvestingFinancingChange in cash
OGI 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).
OGI cash flow statement in Canadian dollars
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −C$24.8M | −C$45.4M | −C$229.5M | −C$14.3M | −C$130.7M | −C$136.2M | −C$9.5M | C$22.1M | −C$10.8M | C$846,663 |
| Depreciation & amortization | C$18.0M | C$12.1M | C$24.1M | C$24.9M | C$31.0M | C$18.0M | C$8.9M | C$3.5M | C$1.6M | C$785,593 |
| Stock-based compensation | C$4.2M | C$7.2M | C$5.3M | C$5.1M | C$3.9M | C$7.8M | C$14.9M | C$5.0M | C$2.2M | C$442,349 |
| Change in working capital | −C$2.1M | C$15.0M | C$12.5M | −C$22.9M | C$14.5M | C$29.0M | −C$57.0M | −C$46.5M | −C$2.8M | −C$4.0M |
| Other non-cash items | −C$2.9M | C$15.1M | C$152.5M | −C$29.1M | C$52.7M | C$36.2M | C$7.6M | C$3.1M | C$528,000 | C$116,788 |
| Cash from operating activities | −C$7.6M | C$3.9M | −C$35.1M | −C$36.2M | −C$28.6M | −C$45.1M | −C$35.1M | −C$12.7M | −C$9.3M | −C$1.8M |
| Investing activities | ||||||||||
| Capital expenditures | −C$17.0M | −C$5.3M | −C$26.9M | −C$48.8M | −C$12.3M | −C$78.7M | −C$110.3M | −C$56.4M | −C$31.2M | −C$4.4M |
| Investments (net) | C$1.5M | −C$38.8M | C$20.1M | C$95.5M | −C$72.5M | −C$138.2M | −C$46.8M | −C$98.0M | −C$42.6M | −C$27.2M |
| Acquisitions & other investing | −C$65.5M | C$13.3M | C$8.1M | −C$2.7M | −C$30.3M | C$78.7M | C$110.3M | C$56.4M | C$34.3M | C$4.4M |
| Cash from investing activities | −C$81.1M | −C$30.8M | C$1.4M | C$44.0M | −C$115.1M | −C$138.2M | −C$46.8M | −C$98.0M | −C$39.4M | −C$27.2M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | C$35.1M | C$64.2M | C$45.5M | C$37.7M |
| Net borrowing (repayment) | −C$1.9M | −C$786,000 | −C$772,615 | −C$1.0M | −C$116.4M | C$64.0M | C$47.4M | C$114.8M | −C$1.8M | C$2.6M |
| Shares issued | C$41.2M | C$108.6M | C$0 | C$0 | C$284.9M | C$100.0M | C$0 | C$57.5M | C$0 | C$0 |
| Other financing | C$4,000 | C$6,000 | −C$41,809 | C$6.3M | C$6.0M | −C$3.7M | −C$8.2M | −C$72.5M | −C$2.9M | −C$3.0M |
| Cash from financing activities | C$39.3M | C$107.8M | −C$814,424 | C$5.3M | C$174.5M | C$160.4M | C$74.3M | C$163.9M | C$40.8M | C$37.3M |
| Summary | ||||||||||
| Net change in cash | −C$49.0M | C$80.8M | −C$36.9M | C$13.2M | C$30.8M | −C$23.0M | −C$7.5M | C$53.1M | −C$7.9M | C$8.4M |
| Cash at end of period | C$83.6M | C$132.6M | C$33.9M | C$68.5M | C$55.4M | C$24.6M | C$47.6M | C$55.1M | C$2.0M | C$9.9M |
| Free cash flow | −C$24.6M | −C$1.5M | −C$62.0M | −C$85.0M | −C$40.9M | −C$123.8M | −C$145.4M | −C$69.1M | −C$40.4M | −C$6.2M |
| Free cash flow margin | −13.2% | −0.9% | −41.5% | −58.3% | −51.6% | −142.6% | −180.8% | −556.3% | −750.5% | −101.0% |
| Capex / revenue | 9.2% | 3.3% | 18.0% | 33.5% | 15.5% | 90.6% | 137.2% | 454.1% | 578.5% | 72.1% |
| Operating cash flow / net income | — | — | — | — | — | — | — | −0.57 | — | −2.09 |
| 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 | C$105.5M | −C$921,000 | C$20.0M | −C$38.0M | −C$6.3M | C$42.5M | −C$23.0M | −C$5.4M | C$2.8M | −C$27.1M | −C$15.8M | −C$13.9M |
| Depreciation & amortization | C$10.1M | C$5.0M | C$5.0M | C$5.0M | C$4.8M | C$4.8M | C$3.4M | C$3.1M | C$3.0M | C$3.1M | C$2.8M | C$5.4M |
| Stock-based compensation | C$1.2M | C$728,000 | C$770,000 | C$947,000 | C$1.0M | C$938,000 | C$1.3M | C$1.1M | C$2.1M | C$2.0M | C$2.0M | — |
| Change in working capital | −C$14.2M | −C$549,000 | −C$16.3M | −C$4.6M | C$15.3M | −C$15.0M | C$2.1M | C$7.7M | −C$3.5M | −C$4.9M | C$15.7M | −C$594,000 |
| Other non-cash items | −C$106.9M | −C$11.1M | −C$25.5M | C$35.2M | −C$188,000 | −C$49.8M | C$12.0M | C$2.5M | −C$8.1M | C$17.9M | C$2.9M | −C$6.9M |
| Cash from operating activities | −C$4.3M | −C$6.8M | −C$16.0M | −C$1.5M | C$14.6M | −C$16.6M | −C$4.2M | C$8.9M | −C$3.7M | −C$9.0M | C$7.7M | −C$16.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$432,000 | −C$246,000 | −C$2.1M | −C$764,000 | −C$9.6M | −C$6.6M | −C$1.6M | −C$1.9M | −C$1.1M | −C$857,000 | −C$1.5M | −C$7.3M |
| Investments (net) | C$1.2M | −C$1.6M | −C$2.5M | C$63,000 | −C$9.4M | −C$10.3M | −C$61.6M | −C$22.4M | −C$14.9M | −C$1.9M | C$416,000 | — |
| Acquisitions & other investing | −C$124.9M | C$458,000 | C$244,000 | C$915,000 | C$9.6M | C$6.6M | C$1.6M | C$1.9M | −C$524,000 | −C$890,000 | C$1.5M | C$4.7M |
| Cash from investing activities | −C$124.1M | −C$1.4M | −C$4.3M | C$214,000 | −C$9.4M | −C$10.3M | −C$61.6M | −C$22.4M | −C$16.5M | −C$3.6M | C$416,000 | −C$2.6M |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | C$20.5M | −C$400,000 | −C$456,000 | −C$565,000 | −C$564,000 | −C$521,000 | −C$202,000 | −C$162,000 | −C$234,000 | — | — | — |
| Shares issued | C$65.1M | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$41.2M | C$26.3M | C$0 | C$0 | C$0 |
| Other financing | −C$487,000 | −C$51,000 | C$6,000 | C$0 | C$4,000 | C$41.2M | C$0 | C$1,000 | C$2,000 | C$40.9M | −C$152,000 | −C$244,000 |
| Cash from financing activities | C$85.1M | −C$451,000 | −C$450,000 | −C$565,000 | −C$560,000 | C$40.7M | −C$202,000 | C$41.0M | C$26.1M | C$40.9M | −C$152,000 | −C$244,000 |
| Summary | ||||||||||||
| Net change in cash | −C$43.1M | −C$8.2M | −C$21.4M | −C$1.4M | C$2.5M | C$13.8M | −C$63.9M | C$27.5M | C$5.9M | C$28.2M | C$8.0M | −C$18.9M |
| Cash at end of period | C$10.9M | C$53.9M | C$62.2M | C$83.6M | C$85.0M | C$82.5M | C$68.7M | C$106.7M | C$88.7M | C$82.8M | C$41.8M | C$33.9M |
| Free cash flow | −C$3.9M | −C$7.0M | −C$18.1M | −C$688,000 | C$5.0M | −C$23.1M | −C$5.8M | C$7.0M | −C$4.8M | −C$9.8M | C$6.2M | −C$23.3M |
| Free cash flow margin | −3.7% | −11.7% | −28.5% | −0.9% | 7.1% | −35.3% | −13.6% | 15.7% | −11.7% | −26.1% | 16.9% | −50.6% |
| Capex / revenue | 0.4% | 0.4% | 3.3% | 1.0% | 13.6% | 10.0% | 3.8% | 4.2% | 2.6% | 2.3% | 4.2% | 15.9% |
| Operating cash flow / net income | −0.04 | — | −0.80 | — | — | −0.39 | — | — | −1.32 | — | — | — |
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.
OGI cash generation
In fiscal 2025 (ended September 30, 2025), OrganiGram generated -C$7.6 million of cash from operations (down 296.0%) and spent C$17.0 million on capital expenditures, leaving free cash flow of -C$24.6 million, −13.2% of revenue. Cash and equivalents fell by C$49.0 million over the year.
Related: OGI income statement, OGI balance sheet. See the OGI stock overview for the latest quote and news.
OGI cash flow FAQ
What is OrganiGram's free cash flow?
OrganiGram's free cash flow was -C$24.6 million in fiscal 2025: -C$7.6 million of operating cash flow minus C$17.0 million of capital expenditures It was -C$1.5 million a year earlier..
How much cash does OrganiGram generate from operations?
OrganiGram generated -C$7.6 million of cash from operating activities in fiscal 2025.
How much does OrganiGram spend on capital expenditures?
OrganiGram spent C$17.0 million on capital expenditures in fiscal 2025, 9.2% of revenue, compared with C$5.3 million the year before.