There is much more to John Hickenlooper’s record $22.6 million third quarter fundraising haul than first meets the eye.

Yes, Hickenlooper raised a record $22.6 million in the last three months, but he entered the final full month of the campaign with only $7.2 million cash on hand.

At the beginning of July, Hickenlooper reported having $4.6 million in the bank.

So despite Hickenlooper raising $22.6 million in third quarter, he only netted $2.6 million.

Burning through $20 million in three months with little to show for it seems pretty hard to do, but Team Hickenlooper continues to defy expectations in how not to manage a campaign.

So who is the big winner of the Hickenlooper fundraising haul?

Credit card processors, digital vendors, and fancy D.C. consultants.

Hickenlooper must have spent millions and millions of dollars on renting email lists, running Facebook ads, hiring D.C. consultants to produce generic TV ads, and even twice weekly COVID tests.

And all those liberals in California and New York chipping in $5 or $10 to the Hickenlooper campaign ended up funding the ActBlue credit card processor and Team Hick digital vendors. The majority of their donation will not be used to actually persuade voters.

U.S. Sen. Cory Gardner has yet to release his third quarter fundraising numbers, but if history is any indicator, his report will show the Republican has a lean and efficient operation, unlike Hickenlooper who burns through cash like a drunken sailor.