U.S. Gold Corp. (USAU) Cash Flow Statement
Where USAU’s cash came from and went, FY2026
April 30, 2026 · U.S. dollars- Cash from operations
- −$18.2M
- Capital expenditures
- $1.9M
- Free cash flow
- −$20.1M
- Returned to shareholders
- —
- Change in cash
- $22.5M cash at year-end $30.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
USAU operating cash flow, capex and free cash flow
USAU cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$218,000FY2017 | −$18.2MFY2026 | — | |
| Capital expenditures | $288,917FY2017 | $1.9MFY2026 | +23.5%/yr | |
| Free cash flow | −$506,917FY2017 | −$20.1MFY2026 | — | |
| Free cash flow margin | −2.9%FY2017 | −280.5%FY2019 | −277.6 pts | |
| Stock-based compensation | $476,000FY2017 | $1.4MFY2026 | +12.4%/yr | |
| Dividends paid | $0FY2017 | $5.5MFY2021 | — | |
| Share buybacks (net) | $0FY2017 | $0FY2021 | — | |
| Capex / revenue | 1.7%FY2017 | 2.1%FY2019 | +0.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
USAU cash flow by activity
USAU 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).
USAU cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$17.2M | −$20.6M | −$6.9M | −$7.6M | −$13.9M | −$12.4M | −$5.2M | −$8.0M | −$13.7M | −$1.9M |
| Depreciation & amortization | $157,446 | $120,639 | $88,175 | $114,529 | $96,889 | $22,886 | $21,204 | $13,817 | $8.3M | $87,000 |
| Stock-based compensation | $1.4M | $2.2M | $593,556 | $1.3M | $1.7M | $3.6M | $1.3M | $2.3M | $1.3M | $476,000 |
| Change in working capital | −$1.0M | $682,456 | −$862,120 | −$805,931 | $270,400 | $57,168 | −$96,151 | −$392,096 | −$246,358 | $1.2M |
| Other non-cash items | −$1.5M | $7.7M | $1,529 | −$1.7M | −$681,806 | $113,911 | $160,377 | $480,598 | −$2.7M | −$61,000 |
| Cash from operating activities | −$18.2M | −$9.9M | −$7.1M | −$8.7M | −$12.6M | −$8.6M | −$3.9M | −$5.7M | −$7.0M | −$218,000 |
| Investing activities | ||||||||||
| Capital expenditures | −$1.9M | −$6,158 | $0 | −$177,513 | −$178,972 | −$42,991 | −$42,991 | −$42,991 | −$20,479 | −$288,917 |
| Investments (net) | — | −$6,158 | $0 | $2.6M | −$178,972 | $2.5M | $159,063 | $0 | −$20,479 | $0 |
| Acquisitions & other investing | $0 | $6,158 | — | $177,513 | $178,972 | $42,991 | $42,991 | $202,054 | $346,883 | −$250,000 |
| Cash from investing activities | −$1.9M | −$6,158 | — | $2.6M | −$178,972 | $2.5M | $159,063 | $159,063 | $305,925 | −$538,917 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | −$5.5M | — | — | $0 | $0 |
| Share repurchases & issuance (net) | — | — | — | — | — | $17.0M | $4.3M | $219,796 | $7.5M | $503,000 |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | −$186,000 |
| Shares issued | $31.7M | $10.1M | $4.8M | $4.8M | $7.2M | $14.5M | $4.3M | $219,796 | $0 | $0 |
| Other financing | $10.9M | $2.3M | $0 | $0 | $1.0M | −$9.0M | −$4.3M | −$219,796 | −$7.5M | $0 |
| Cash from financing activities | $42.6M | $12.5M | $4.8M | $4.8M | $8.2M | $17.0M | $4.3M | $219,796 | $7,506 | $317,000 |
| Summary | ||||||||||
| Net change in cash | $22.5M | $2.6M | −$2.2M | −$1.3M | −$4.5M | $10.9M | $552,776 | −$5.4M | $825,656 | $99,000 |
| Cash at end of period | $30.7M | $8.2M | $5.6M | $7.8M | $9.1M | $13.6M | $2.7M | $2.2M | $7.6M | $155,000 |
| Free cash flow | −$20.1M | −$9.9M | −$7.1M | −$8.9M | −$12.8M | −$8.6M | −$3.9M | −$5.7M | −$7.0M | −$506,917 |
| Free cash flow margin | — | — | — | — | — | — | — | −280.5% | — | −2.9% |
| Capex / revenue | — | — | — | — | — | — | — | 2.1% | — | 1.7% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$4.6M | −$5.4M | −$5.3M | −$4.5M | −$2.1M | −$7.8M | −$6.4M | −$2.1M | −$4.3M | −$2.1M | −$1.7M | −$258,430 |
| Depreciation & amortization | $34,769 | $43,448 | $34,608 | $30,710 | $23,269 | $30,699 | $22,605 | $22,149 | $22,075 | $22,037 | $28,969 | $22,268 |
| Stock-based compensation | $763,604 | $864,839 | $211,681 | $135,013 | $155,013 | $137,998 | $1.9M | $62,402 | $16,777 | $16,777 | $75,163 | $309,683 |
| Change in working capital | $120,667 | −$1.6M | −$7,777 | $498,256 | $70,566 | $224,028 | −$84,871 | $207,325 | $335,974 | −$705,767 | −$183,587 | −$683,844 |
| Other non-cash items | $141,152 | −$33,380 | $23,567 | $23,365 | −$1.5M | $4.7M | $1.4M | −$7,345 | $1.8M | $835,708 | $502,100 | −$1.4M |
| Cash from operating activities | −$3.5M | −$6.1M | −$5.0M | −$3.8M | −$3.3M | −$2.7M | −$3.1M | −$1.8M | −$2.2M | −$1.9M | −$1.3M | −$2.1M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$1.9M | −$1.1M | −$1.1M | $0 | $0 | −$6,158 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | — | — | — | — | — | $0 | — | — | — | $0 | — | — |
| Acquisitions & other investing | — | $1.9M | $314,543 | −$1 | — | — | $0 | — | — | — | — | — |
| Cash from investing activities | — | −$3,107 | −$804,780 | −$1.1M | — | — | −$6,158 | — | — | — | — | — |
| Financing activities | ||||||||||||
| Shares issued | $0 | $0 | $31.2M | $0 | $0 | $0 | $10.1M | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $652,051 | $1.9M | $2.4M | $6.5M | $1.8M | $508,400 | $67,200 | $0 | $4.8M | $0 | — |
| Cash from financing activities | $0 | $652,051 | $33.1M | $2.4M | $6.5M | $1.8M | $10.7M | $67,200 | $0 | $4.8M | $0 | — |
| Summary | ||||||||||||
| Net change in cash | −$3.5M | −$5.4M | $27.3M | −$2.5M | $3.2M | −$969,228 | $7.5M | −$1.8M | −$2.2M | $2.9M | −$1.3M | −$2.1M |
| Cash at end of period | $27.1M | $30.7M | $36.1M | $8.8M | $11.3M | $8.2M | $9.1M | $1.6M | $3.4M | $5.6M | $2.6M | $4.0M |
| Free cash flow | −$3.5M | −$8.0M | −$3.9M | −$4.9M | −$3.3M | −$2.7M | −$3.1M | −$1.8M | −$2.2M | −$1.9M | −$1.3M | −$2.1M |
| Free cash flow margin | — | — | — | — | — | — | — | — | — | −1,084.3% | — | — |
| Capex / revenue | — | — | — | — | — | — | — | — | — | 0.0% | — | — |
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.
USAU cash generation
In fiscal 2026 (ended April 30, 2026), U.S. Gold generated -$18.2 million of cash from operations and spent $1.9 million on capital expenditures, leaving free cash flow of -$20.1 million. Cash and equivalents rose by $22.5 million over the year.
Related: USAU income statement, USAU balance sheet. See the USAU stock overview for the latest quote and news.
USAU cash flow FAQ
What is U.S. Gold's free cash flow?
U.S. Gold's free cash flow was -$20.1 million in fiscal 2026: -$18.2 million of operating cash flow minus $1.9 million of capital expenditures It was -$9.9 million a year earlier..
How much cash does U.S. Gold generate from operations?
U.S. Gold generated -$18.2 million of cash from operating activities in fiscal 2026.
How much does U.S. Gold spend on capital expenditures?
U.S. Gold spent $1.9 million on capital expenditures in fiscal 2026, compared with $0.0 million the year before.