ADS-TEC Energy PLC (ADSE) Cash Flow Statement
Where ADSE’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- −€47.5M
- Capital expenditures
- €2.8M 8.8% of revenue
- Free cash flow
- −€50.3M −159.3% margin
- Returned to shareholders
- —
- Change in cash
- −€13.2M cash at year-end €7.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ADSE operating cash flow, capex and free cash flow
ADSE cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −€19.9M2019 | −€47.5M2025 | — | |
| Capital expenditures | €6.1M2019 | €2.8M2025 | −12.3%/yr | |
| Free cash flow | −€26.0M2019 | −€50.3M2025 | — | |
| Free cash flow margin | −136.1%2019 | −159.3%2025 | −23.2 pts | |
| Stock-based compensation | €02020 | €2.7M2025 | — | |
| Dividends paid | €02019 | €02025 | — | |
| Share buybacks (net) | €02019 | €02023 | — | |
| Capex / revenue | 31.9%2019 | 8.8%2025 | −23.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ADSE cash flow by activity
ADSE 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).
ADSE cash flow statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −€53.0M | −€98.0M | −€55.1M | −€18.9M | −€87.6M | −€10.3M | −€12.1M |
| Depreciation & amortization | €10.6M | €6.7M | €4.8M | €4.3M | €3.5M | €1.6M | €573,000 |
| Stock-based compensation | €2.7M | €3.9M | €1.5M | €2.8M | €0 | €0 | — |
| Change in working capital | −€1.5M | −€18.0M | €27.0M | −€25.9M | €4.5M | −€6.2M | −€9.4M |
| Other non-cash items | −€6.2M | €89.1M | €1.1M | −€20.1M | €61.4M | €2.2M | €1.0M |
| Cash from operating activities | −€47.5M | −€16.3M | −€20.7M | −€57.8M | −€18.3M | −€12.6M | −€19.9M |
| Investing activities | |||||||
| Capital expenditures | −€2.8M | −€1.4M | −€9.9M | −€11.1M | −€5.6M | −€6.6M | −€6.1M |
| Investments (net) | — | −€1.3M | −€9.9M | −€10.9M | −€5.6M | −€6.6M | −€5.8M |
| Acquisitions & other investing | −€364,040 | €1.4M | €9.9M | €11.1M | €5.6M | €6.6M | €6.1M |
| Cash from investing activities | −€3.1M | −€1.3M | −€9.9M | −€10.9M | −€5.6M | −€6.6M | −€5.8M |
| Financing activities | |||||||
| Dividends paid | €0 | €0 | €0 | €0 | −€23.8M | €0 | €0 |
| Share repurchases & issuance (net) | — | — | €0 | €0 | −€20.0M | €0 | €0 |
| Net borrowing (repayment) | −€48,000 | €1.7M | €10.4M | −€8.2M | −€17.8M | €9.9M | €13.5M |
| Shares issued | €661,000 | €776,000 | €6.7M | €0 | €265.4M | €0 | €0 |
| Other financing | €34.5M | €8.1M | €8.3M | −€427,000 | −€77.8M | €0 | €0 |
| Cash from financing activities | €35.1M | €10.6M | €25.5M | −€8.7M | €126.0M | €9.9M | €13.5M |
| Summary | |||||||
| Net change in cash | −€13.2M | −€6.3M | −€5.3M | −€67.4M | €101.8M | −€9.3M | −€12.2M |
| Cash at end of period | €7.0M | €22.9M | €29.2M | €34.4M | €101.8M | €18,000 | €9.3M |
| Free cash flow | −€50.3M | −€17.7M | −€30.6M | −€68.9M | −€23.9M | −€19.2M | −€26.0M |
| Free cash flow margin | −159.3% | −16.1% | −28.5% | −260.6% | −72.3% | −40.5% | −136.1% |
| Capex / revenue | 8.8% | 1.3% | 9.2% | 41.9% | 16.9% | 14.0% | 31.9% |
| Jun '26 | Mar '26 | Dec '25 | Jun '25 | Mar '25 | Jun '24 | Mar '24 | Jun '23 | Dec '22 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −€42.6M | −€40.1M | −€40.1M | −€16.1M | −€52.8M | −€45.2M | −€27.0M | −€27.0M | −€21.9M |
| Depreciation & amortization | €3.9M | €7.1M | €7.1M | €3.7M | €3.1M | €3.6M | €2.4M | €2.4M | €871,250 |
| Stock-based compensation | — | — | — | — | €1.9M | €2.0M | €725,500 | €725,500 | — |
| Change in working capital | €1.6M | €9.7M | €9.7M | −€13.2M | −€20.3M | −€10.0M | €13.5M | €13.5M | €1.1M |
| Other non-cash items | €18.2M | €3.6M | €3.6M | −€8.9M | €56.1M | €45.4M | €4,476 | €4,476 | €15.3M |
| Cash from operating activities | −€19.0M | −€19.7M | −€19.7M | −€34.5M | −€12.0M | −€4.2M | −€10.3M | −€10.3M | −€4.6M |
| Investing activities | |||||||||
| Capital expenditures | −€935,427 | −€2.2M | −€2.2M | −€828,964 | −€495,000 | −€463,000 | −€5.0M | −€5.0M | −€1.4M |
| Acquisitions & other investing | −€869,545 | −€139,160 | −€139,160 | −€278,510 | −€80,000 | −€258,000 | €0 | €0 | — |
| Cash from investing activities | −€1.8M | −€2.3M | −€2.3M | −€1.1M | −€575,000 | −€721,000 | −€5.0M | −€5.0M | — |
| Financing activities | |||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | −€5.0M |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Other financing | €18.3M | −€8.2M | −€8.2M | €52.2M | €11.5M | −€883,000 | €12.7M | €12.7M | — |
| Cash from financing activities | €18.3M | −€8.2M | −€8.2M | €52.2M | €11.5M | −€883,000 | €12.7M | €12.7M | — |
| Summary | |||||||||
| Net change in cash | −€2.6M | −€30.8M | −€30.8M | €20.8M | −€23.7M | €23.7M | −€5.3M | −€5.3M | €25.4M |
| Cash at end of period | €4.6M | €7.0M | €7.0M | €44.5M | €23.7M | €23.7M | €29.2M | €29.2M | €25.5M |
| Free cash flow | −€19.9M | −€21.8M | −€21.8M | −€35.4M | −€12.5M | −€4.7M | −€15.3M | −€15.3M | −€6.0M |
| Free cash flow margin | −267.4% | −110.6% | −110.6% | −221.6% | −40.8% | −5.9% | −22.1% | −40.3% | −72.3% |
| Capex / revenue | 12.6% | 10.9% | 10.9% | 5.2% | 1.6% | 0.6% | 7.2% | 13.1% | 16.9% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
ADSE cash generation
In fiscal 2025 (ended December 31, 2025), ADS-TEC Energy generated -€47.5 million of cash from operations and spent €2.8 million on capital expenditures, leaving free cash flow of -€50.3 million, −159.3% of revenue. Cash and equivalents fell by €13.2 million over the year.
Related: ADSE income statement, ADSE balance sheet. See the ADSE stock overview for the latest quote and news.
ADSE cash flow FAQ
What is ADS-TEC Energy's free cash flow?
ADS-TEC Energy's free cash flow was -€50.3 million in fiscal 2025: -€47.5 million of operating cash flow minus €2.8 million of capital expenditures It was -€17.7 million a year earlier..
How much cash does ADS-TEC Energy generate from operations?
ADS-TEC Energy generated -€47.5 million of cash from operating activities in fiscal 2025.
How much does ADS-TEC Energy spend on capital expenditures?
ADS-TEC Energy spent €2.8 million on capital expenditures in fiscal 2025, 8.8% of revenue, compared with €1.4 million the year before.