African Agriculture Holdings Inc. (AAGR) Cash Flow Statement
Where AAGR’s cash came from and went, 2023
December 31, 2023 · U.S. dollars- Cash from operations
- −$4.0M
- Capital expenditures
- $13,576 0.7% of revenue
- Free cash flow
- −$4.0M −219.2% margin
- Returned to shareholders
- —
- Change in cash
- $2.8M cash at year-end $2.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AAGR operating cash flow, capex and free cash flow
AAGR cash flow trends, 2021–2023
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$3.5M2021 | −$4.0M2023 | — | |
| Capital expenditures | $954,5032021 | $13,5762023 | −88.1%/yr | |
| Free cash flow | −$4.5M2021 | −$4.0M2023 | — | |
| Free cash flow margin | −451.5%2022 | −219.2%2023 | +232.3 pts | |
| Stock-based compensation | $02021 | $34.3M2023 | — | |
| Capex / revenue | 53.9%2022 | 0.7%2023 | −53.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AAGR cash flow by activity
AAGR 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).
AAGR cash flow statement
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Operating activities | |||
| Net income | −$43.1M | −$26.3M | −$3.5M |
| Depreciation & amortization | $351,849 | $368,615 | $303,723 |
| Stock-based compensation | $34.3M | $19.1M | $0 |
| Change in working capital | $2.0M | $3.2M | −$375,698 |
| Other non-cash items | $2.5M | $892,517 | $16,470 |
| Cash from operating activities | −$4.0M | −$2.7M | −$3.5M |
| Investing activities | |||
| Capital expenditures | −$13,576 | −$366,031 | −$954,503 |
| Investments (net) | −$13,576 | −$163,912 | −$874,986 |
| Acquisitions & other investing | $13,576 | $366,031 | $954,503 |
| Cash from investing activities | −$13,576 | −$163,912 | −$874,986 |
| Financing activities | |||
| Share repurchases & issuance (net) | — | −$154.9M | — |
| Net borrowing (repayment) | −$191,457 | $2.9M | $4.1M |
| Shares issued | $0 | $0 | $0 |
| Other financing | $7.0M | $154.9M | $0 |
| Cash from financing activities | $6.8M | $2.9M | $4.1M |
| Summary | |||
| Net change in cash | $2.8M | −$9,035 | −$69,394 |
| Cash at end of period | $2.8M | $10,058 | $19,093 |
| Free cash flow | −$4.0M | −$3.1M | −$4.5M |
| Free cash flow margin | −219.2% | −451.5% | — |
| Capex / revenue | 0.7% | 53.9% | — |
| Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | Mar '22 | Dec '21 | Sep '21 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | −$12.7M | −$14.0M | −$1.1M | −$9.5M | −$9.6M | −$2.1M | −$925,998 | −$3.7M | −$1.9M | −$1.2M | −$305,586 |
| Depreciation & amortization | $85,822 | $87,646 | $88,459 | $88,059 | $87,685 | $85,257 | — | $89,200 | $96,015 | — | — |
| Stock-based compensation | $10.9M | — | $8.2M | $8.1M | $8.0M | — | — | — | — | — | — |
| Change in working capital | −$440,130 | −$300,828 | $902,033 | $797,750 | $596,921 | $2.0M | $1.4M | $3.6M | $1.6M | $925,364 | — |
| Other non-cash items | $255,002 | $11.3M | −$8.2M | $281,845 | $292,167 | −$725,716 | −$902,743 | −$359,274 | −$116,156 | −$4,225 | −$18,894 |
| Cash from operating activities | −$1.9M | −$2.9M | −$158,470 | −$242,003 | −$643,965 | −$710,416 | −$472,194 | −$375,629 | −$363,708 | −$301,738 | −$324,480 |
| Investing activities | |||||||||||
| Capital expenditures | −$757,928 | −$13,576 | −$7,608 | −$3,502 | −$4,106 | $0 | −$4 | $0 | $0 | −$2 | $0 |
| Investments (net) | −$757,928 | — | −$5,955 | −$3,502 | −$4,106 | — | — | — | — | — | — |
| Acquisitions & other investing | $757,928 | −$26.0M | $26.0M | $3,502 | $4,106 | $154.9M | — | −$69,759 | −$119,082 | — | −$200.0M |
| Cash from investing activities | −$757,928 | −$26.0M | $26.0M | −$3,502 | −$4,106 | $154.9M | — | −$69,759 | −$119,082 | — | −$200.0M |
| Financing activities | |||||||||||
| Share repurchases & issuance (net) | — | $26.0M | −$26.0M | −$26.0M | — | −$154.9M | — | — | — | — | — |
| Net borrowing (repayment) | −$45,000 | — | — | — | — | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $5.8M | $155,916 | $26.3M | $635,204 | $600,000 | — | $636,086 | $1.5M | −$3,307 | $202.0M |
| Cash from financing activities | −$45,000 | $31.8M | −$25.9M | $234,094 | $635,204 | −$154.3M | — | $636,086 | $1.5M | −$3,307 | $202.0M |
| Summary | |||||||||||
| Net change in cash | −$2.7M | $2.8M | $13,778 | $3,563 | −$9,949 | −$110,416 | −$472,194 | −$375,629 | −$363,708 | −$305,045 | $1.7M |
| Cash at end of period | $67,183 | $2.8M | $17,450 | $3,672 | $109 | $36,675 | $147,091 | $619,285 | $994,914 | $1.4M | $1.7M |
| Free cash flow | −$2.7M | −$2.9M | −$150,862 | −$245,505 | −$648,071 | −$710,416 | −$472,190 | −$375,629 | −$363,708 | −$301,740 | −$324,480 |
| Free cash flow margin | −771.3% | −802.7% | −31.2% | −44.4% | −156.1% | — | — | — | — | — | — |
| Capex / revenue | 219.7% | 3.7% | 1.6% | 0.6% | 1.0% | — | — | — | — | — | — |
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.
AAGR cash generation
In fiscal 2023 (ended December 31, 2023), African Agriculture generated -$4.0 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$4.0 million, −219.2% of revenue. Cash and equivalents rose by $2.8 million over the year.
Related: AAGR income statement, AAGR balance sheet. See the AAGR stock overview for the latest quote and news.
AAGR cash flow FAQ
What is African Agriculture's free cash flow?
African Agriculture's free cash flow was -$4.0 million in fiscal 2023: -$4.0 million of operating cash flow minus $0.0 million of capital expenditures It was -$3.1 million a year earlier..
How much cash does African Agriculture generate from operations?
African Agriculture generated -$4.0 million of cash from operating activities in fiscal 2023.
How much does African Agriculture spend on capital expenditures?
African Agriculture spent $0.0 million on capital expenditures in fiscal 2023, 0.7% of revenue, compared with $0.4 million the year before.