Trilogy Metals Inc. (TMQ) Cash Flow Statement
Where TMQ’s cash came from and went, FY2025
November 30, 2025 · U.S. dollars- Cash from operations
- −$3.2M
- Capital expenditures
- $0
- Free cash flow
- −$3.2M
- Returned to shareholders
- —
- Change in cash
- $25.8M cash at year-end $51.6M
Cash from operations
−$3.2M
Acquisitions & other
−$1.0M
Shares issued
+$24.3M
Other financing
+$5.7M
Currency & other
+$17,000
Change in cash
$25.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TMQ operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
TMQ cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$8.7MFY2016 | −$3.2MFY2025 | — | |
| Capital expenditures | $122,000FY2016 | $0FY2025 | −100.0% | |
| Free cash flow | −$8.8MFY2016 | −$3.2MFY2025 | — | |
| Free cash flow margin | −175.0%FY2016 | −125.6%FY2019 | +49.3 pts | |
| Stock-based compensation | $615,000FY2016 | $3.3MFY2025 | +20.7%/yr | |
| Dividends paid | $0FY2016 | $0FY2017 | — | |
| Share buybacks (net) | $29,000FY2016 | $0FY2022 | −100.0% | |
| Capex / revenue | 2.4%FY2016 | 3.4%FY2019 | +0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TMQ cash flow by activity
OperatingInvestingFinancingChange in cash
TMQ 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).
TMQ cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$42.2M | −$8.6M | −$15.0M | −$24.3M | −$21.7M | $161.8M | −$27.9M | −$21.8M | −$21.1M | −$4.9M |
| Depreciation & amortization | $108,000 | $4,000 | $8,000 | $17,000 | $21,000 | $91,000 | $211,000 | $160,000 | $107,000 | $78,032 |
| Stock-based compensation | $3.3M | $3.5M | $3.9M | $3.4M | $3.5M | $3.6M | $3.8M | $1.4M | $705,000 | $615,000 |
| Change in working capital | $1.7M | $405,000 | −$19,000 | −$568,000 | −$27,000 | −$796,000 | $356,000 | −$2.0M | $3.0M | −$210,000 |
| Other non-cash items | $33.9M | $2.8M | $8.0M | $17.4M | $13.1M | −$172.9M | $1,000 | $219,000 | $1.8M | −$4.3M |
| Cash from operating activities | −$3.2M | −$1.8M | −$3.1M | −$3.9M | −$5.1M | −$8.3M | −$23.5M | −$22.1M | −$15.4M | −$8.7M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$2 | $0 | −$119,000 | −$119,000 | −$645,000 | −$7,000 | −$300,000 | −$122,000 |
| Investments (net) | — | $25.0M | $0 | $142,000 | −$119,000 | $0 | $9.6M | $10.4M | $10.4M | $228,000 |
| Acquisitions & other investing | −$1.0M | $0 | — | $0 | $119,000 | $0 | $645,000 | $2.3M | $3.5M | −$184,000 |
| Cash from investing activities | −$1.0M | $25.0M | — | $142,000 | −$119,000 | −$119,000 | $9.6M | $12.7M | $13.5M | −$78,000 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | — | — | — | $54,295 | $416,000 | $217,000 | $10.1M | $28.8M | −$90,000 | −$29,000 |
| Shares issued | $24.3M | $0 | $3.1M | $0 | $0 | $0 | $0 | $28.8M | $0 | $0 |
| Other financing | $5.7M | $74,000 | $0 | −$295 | $0 | $0 | $0 | −$30.6M | $0 | $0 |
| Cash from financing activities | $30.0M | $74,000 | $3.1M | $54,000 | $416,000 | $217,000 | $10.1M | $26.9M | −$90,000 | −$29,000 |
| Summary | ||||||||||
| Net change in cash | $25.8M | $23.2M | $17,000 | −$3.7M | −$4.8M | −$8.0M | −$3.8M | $17.6M | −$1.9M | −$8.8M |
| Cash at end of period | $51.6M | $25.8M | $2.6M | $2.6M | $6.3M | $11.1M | $19.2M | $23.0M | $5.4M | $7.3M |
| Free cash flow | −$3.2M | −$1.8M | −$3.1M | −$3.9M | −$5.1M | −$8.3M | −$24.1M | −$22.1M | −$15.7M | −$8.8M |
| Free cash flow margin | — | — | — | — | — | — | −125.6% | −133.9% | −104.0% | −175.0% |
| Capex / revenue | — | — | — | — | — | — | 3.4% | 0.0% | 2.0% | 2.4% |
| Operating cash flow / net income | — | — | — | — | — | −0.05 | — | — | — | — |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $244,000 | −$6.3M | −$7.1M | −$34.7M | −$1.7M | −$2.2M | −$3.6M | −$1.6M | −$1.6M | −$1.8M | −$3.6M | −$3.0M |
| Depreciation & amortization | — | — | — | $0 | $0 | $0 | $0 | $133,010 | $1,000 | $2,000 | $1,000 | $2,000 |
| Stock-based compensation | $675,000 | $674,000 | $3.1M | $365,000 | $374,000 | $367,000 | $2.2M | $506,000 | $506,000 | $509,000 | $2.0M | $508,000 |
| Change in working capital | −$40,000 | $7,000 | −$1.6M | $2.0M | −$784,000 | $371,000 | $33,000 | $511,000 | −$368,000 | $77,000 | $185,000 | $176,000 |
| Other non-cash items | −$2.0M | $4.6M | $2.8M | $31.7M | $892,000 | $762,000 | $612,000 | $511,990 | $667,000 | $681,000 | $837,000 | $1.9M |
| Cash from operating activities | −$1.1M | −$1.0M | −$2.7M | −$558,000 | −$1.3M | −$677,000 | −$748,000 | $26,000 | −$785,000 | −$490,000 | −$579,000 | −$459,000 |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | — | — | — | — | $0 | $0 | $0 | $0 | $12.5M | $12.5M | $0 | $0 |
| Acquisitions & other investing | −$6.5M | −$8.0M | −$2.5M | −$1.0M | — | — | — | $113,103 | $0 | $0 | — | — |
| Cash from investing activities | −$6.5M | −$8.0M | −$2.5M | −$1.0M | — | — | — | $113,103 | $12.5M | $12.5M | — | — |
| Financing activities | ||||||||||||
| Shares issued | $0 | $0 | $1.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $29,939 | $110,000 | $166,000 | $29.8M | $22,000 | $71,000 | $131,000 | $74,000 | $0 | $0 | $0 | $74,766 |
| Cash from financing activities | $29,939 | $110,000 | $1.3M | $29.8M | $22,000 | $71,000 | $131,000 | $74,000 | $0 | $0 | $0 | $74,766 |
| Summary | ||||||||||||
| Net change in cash | −$7.6M | −$8.9M | −$3.8M | $28.2M | −$1.2M | −$597,000 | −$621,000 | $96,000 | $11.7M | $12.0M | −$578,000 | −$459,000 |
| Cash at end of period | $31.2M | $38.8M | $47.8M | $51.6M | $23.4M | $24.6M | $25.2M | $25.8M | $25.7M | $14.0M | $2.0M | $2.6M |
| Free cash flow | −$1.1M | −$1.0M | −$2.7M | −$558,000 | −$1.3M | −$677,000 | −$748,000 | $26,000 | −$785,000 | −$490,000 | −$579,000 | −$459,000 |
| Free cash flow margin | — | — | — | — | — | — | — | 325.9% | — | — | — | −3,859.4% |
| Capex / revenue | — | — | — | — | — | — | — | 0.0% | — | — | — | 0.0% |
| Operating cash flow / net income | −4.57 | — | — | — | — | — | — | — | — | — | — | — |
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.
TMQ cash generation
In fiscal 2025 (ended November 30, 2025), Trilogy Metals generated -$3.2 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$3.2 million. Cash and equivalents rose by $25.8 million over the year.
Related: TMQ income statement, TMQ balance sheet. See the TMQ stock overview for the latest quote and news.
TMQ cash flow FAQ
What is Trilogy Metals's free cash flow?
Trilogy Metals's free cash flow was -$3.2 million in fiscal 2025: -$3.2 million of operating cash flow minus $0 of capital expenditures It was -$1.8 million a year earlier..
How much cash does Trilogy Metals generate from operations?
Trilogy Metals generated -$3.2 million of cash from operating activities in fiscal 2025.