Sol Strategies Inc. (STKE) Cash Flow Statement
Where STKE’s cash came from and went, FY2025
September 30, 2025 · Canadian dollars- Cash from operations
- −C$11.0M
- Capital expenditures
- C$7.8M 53.8% of revenue
- Free cash flow
- −C$18.8M −130.2% margin
- Returned to shareholders
- —
- Change in cash
- −C$22,649 cash at year-end C$1.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
STKE operating cash flow, capex and free cash flow
STKE cash flow trends, FY2021–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$1.6MFY2021 | −C$11.0MFY2025 | — | |
| Capital expenditures | C$938,581FY2021 | C$7.8MFY2025 | +69.5%/yr | |
| Free cash flow | −C$2.6MFY2021 | −C$18.8MFY2025 | — | |
| Free cash flow margin | −2,187.6%FY2021 | −130.2%FY2025 | +2,057.3 pts | |
| Operating cash flow / net income | 0.00FY2022 | −0.13FY2024 | −0.13 | |
| Stock-based compensation | C$664,195FY2021 | C$7.9MFY2025 | +85.5%/yr | |
| Share buybacks (net) | C$0FY2022 | C$0FY2025 | — | |
| Capex / revenue | 797.7%FY2021 | 53.8%FY2025 | −743.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
STKE cash flow by activity
STKE 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).
STKE cash flow statement in Canadian dollars
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −C$35.0M | C$6.6M | −C$6.3M | C$358,456 | −C$1.2M |
| Depreciation & amortization | C$10.2M | C$31,636 | C$70,885 | C$255,548 | C$74,556 |
| Stock-based compensation | C$7.9M | C$1.3M | C$430,945 | C$1.3M | C$664,195 |
| Change in working capital | −C$1.2M | C$1.7M | C$8,693 | C$32,280 | C$61,430 |
| Other non-cash items | C$7.2M | −C$10.6M | C$4.6M | −C$2.0M | −C$1.3M |
| Cash from operating activities | −C$11.0M | −C$856,729 | −C$1.1M | C$211 | −C$1.6M |
| Investing activities | |||||
| Capital expenditures | −C$7.8M | C$0 | −C$8.1M | −C$1.8M | −C$938,581 |
| Investments (net) | −C$74.1M | C$1.5M | −C$14.8M | C$18.8M | −C$12.1M |
| Acquisitions & other investing | C$8.7M | C$0 | C$8.1M | C$1.8M | C$938,581 |
| Cash from investing activities | −C$73.2M | C$1.5M | −C$14.8M | C$18.8M | −C$12.1M |
| Financing activities | |||||
| Share repurchases & issuance (net) | C$0 | −C$938,924 | −C$707,765 | C$0 | — |
| Net borrowing (repayment) | C$73.4M | C$0 | C$0 | −C$1.2M | C$1.2M |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$12.0M |
| Other financing | C$10.8M | C$170,963 | C$0 | C$10,000 | C$892,500 |
| Cash from financing activities | C$84.2M | −C$767,961 | −C$707,765 | −C$1.2M | C$14.1M |
| Summary | |||||
| Net change in cash | −C$22,649 | −C$119,228 | −C$16.6M | C$17.7M | C$391,378 |
| Cash at end of period | C$1.8M | C$1.8M | C$1.9M | C$18.5M | C$876,757 |
| Free cash flow | −C$18.8M | −C$856,729 | −C$1.1M | −C$1.8M | −C$2.6M |
| Free cash flow margin | −130.2% | −9.1% | — | −858.5% | −2,187.6% |
| Capex / revenue | 53.8% | 0.0% | — | 858.6% | 797.7% |
| Operating cash flow / net income | — | −0.13 | — | 0.00 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −C$17.6M | −C$89.9M | −C$11.8M | −C$18.1M | −C$6.0M | −C$3.4M | C$3.2M | C$5.5M | −C$1.3M |
| Depreciation & amortization | C$1.8M | C$2.4M | C$2.4M | C$3.6M | C$2.9M | C$1.8M | C$50,082 | C$7,909 | C$7,909 |
| Stock-based compensation | C$1.3M | C$919,454 | C$1.3M | C$2.2M | C$1.8M | C$3.2M | C$628,796 | C$1.2M | C$19,065 |
| Change in working capital | C$4.4M | C$290,761 | −C$1.5M | −C$673,463 | −C$522,478 | −C$705,073 | C$1.4M | C$1.5M | C$303,221 |
| Other non-cash items | C$9.8M | C$84.5M | C$4.0M | C$10.9M | −C$2.2M | −C$2.6M | −C$5.6M | −C$8.8M | C$1.0M |
| Cash from operating activities | −C$394,979 | −C$1.8M | −C$5.6M | −C$2.1M | −C$3.9M | −C$1.7M | −C$304,532 | −C$595,081 | C$115,542 |
| Investing activities | |||||||||
| Capital expenditures | C$0 | −C$4 | C$0 | −C$19,527 | −C$2 | −C$42.2M | −C$34.3M | C$0 | C$0 |
| Investments (net) | C$7.6M | C$1.1M | −C$22.7M | −C$7.4M | C$41.0M | −C$77.1M | −C$38.3M | −C$6.3M | C$1.4M |
| Acquisitions & other investing | −C$10.0M | C$4 | C$0 | C$8.3M | −C$10.9M | C$65.8M | C$34.3M | C$0 | C$0 |
| Cash from investing activities | −C$2.4M | C$1.1M | −C$22.7M | C$899,867 | C$30.1M | −C$53.6M | −C$38.3M | −C$6.3M | C$1.4M |
| Financing activities | |||||||||
| Share repurchases & issuance (net) | — | — | — | C$0 | C$0 | — | — | C$0 | −C$553,038 |
| Net borrowing (repayment) | C$4.3M | −C$1.2M | −C$1.1M | C$57.2M | −C$15,582 | C$12.0M | C$4.2M | — | C$0 |
| Shares issued | C$0 | C$2.1M | C$0 | C$0 | C$0 | C$15.0M | C$2.5M | C$0 | C$0 |
| Other financing | C$1,844 | −C$142,987 | C$27.9M | −C$57.0M | −C$25.1M | C$28.5M | C$31.5M | C$150,000 | C$20,963 |
| Cash from financing activities | C$4.3M | C$822,618 | C$26.7M | C$224,662 | −C$25.1M | C$55.5M | C$38.1M | C$150,000 | −C$532,075 |
| Summary | |||||||||
| Net change in cash | C$1.5M | C$145,062 | −C$1.6M | −C$1.0M | C$1.1M | C$287,250 | −C$528,730 | −C$6.7M | C$954,273 |
| Cash at end of period | C$1.9M | C$367,528 | C$222,466 | C$1.3M | C$2.3M | C$1.2M | C$1.3M | C$1.8M | C$8.6M |
| Free cash flow | −C$394,980 | −C$1.8M | −C$5.6M | −C$2.1M | −C$3.9M | −C$1.7M | −C$34.6M | −C$595,081 | C$115,542 |
| Free cash flow margin | −22.1% | — | — | −58.0% | −1,314.3% | −65.2% | −610.2% | −5.8% | — |
| Capex / revenue | 0.0% | — | — | 0.5% | 0.0% | 1,669.5% | 604.9% | 0.0% | — |
| Operating cash flow / net income | — | — | — | — | — | — | −0.09 | −0.11 | — |
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.
STKE cash generation
In fiscal 2025 (ended September 30, 2025), Sol Strategies Inc. generated -C$11.0 million of cash from operations and spent C$7.8 million on capital expenditures, leaving free cash flow of -C$18.8 million, −130.2% of revenue. Cash and equivalents fell by C$0.0 million over the year.
Related: STKE income statement, STKE balance sheet. See the STKE stock overview for the latest quote and news.
STKE cash flow FAQ
What is Sol Strategies Inc.'s free cash flow?
Sol Strategies Inc.'s free cash flow was -C$18.8 million in fiscal 2025: -C$11.0 million of operating cash flow minus C$7.8 million of capital expenditures It was -C$0.9 million a year earlier..
How much cash does Sol Strategies Inc. generate from operations?
Sol Strategies Inc. generated -C$11.0 million of cash from operating activities in fiscal 2025.
How much does Sol Strategies Inc. spend on capital expenditures?
Sol Strategies Inc. spent C$7.8 million on capital expenditures in fiscal 2025, 53.8% of revenue.