Anfield Energy Inc. (AEC) Cash Flow Statement
Where AEC’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- −C$14.4M
- Capital expenditures
- C$1.2M
- Free cash flow
- −C$15.5M
- Returned to shareholders
- —
- Change in cash
- C$2.0M cash at year-end C$3.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AEC operating cash flow, capex and free cash flow
AEC cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$4.9M2021 | −C$14.4M2025 | — | |
| Capital expenditures | C$50,0002021 | C$1.2M2025 | +119.9%/yr | |
| Free cash flow | −C$5.0M2021 | −C$15.5M2025 | — | |
| Stock-based compensation | C$1.8M2021 | C$3.3M2025 | +16.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AEC cash flow by activity
AEC 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).
AEC cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −C$19.7M | −C$11.4M | C$13.2M | −C$8.9M | −C$9.9M |
| Depreciation & amortization | C$9,129 | C$3,877 | C$3,819 | C$493,736 | C$342,434 |
| Stock-based compensation | C$3.3M | C$0 | C$2.4M | C$2.6M | C$1.8M |
| Change in working capital | C$246,820 | C$2.3M | −C$686,856 | −C$365,849 | −C$1.1M |
| Other non-cash items | C$1.8M | C$998,138 | −C$22.1M | −C$1.7M | C$4.0M |
| Cash from operating activities | −C$14.4M | −C$8.1M | −C$7.3M | −C$7.9M | −C$4.9M |
| Investing activities | |||||
| Capital expenditures | −C$1.2M | −C$136,633 | −C$5.9M | −C$1.6M | −C$50,000 |
| Acquisitions & other investing | −C$3.1M | −C$801,744 | C$1.3M | C$0 | −C$3.2M |
| Cash from investing activities | −C$4.2M | −C$938,377 | −C$4.6M | −C$1.6M | −C$3.2M |
| Financing activities | |||||
| Net borrowing (repayment) | C$2.1M | C$5.7M | C$3.7M | C$0 | −C$24,916 |
| Shares issued | C$15.0M | C$0 | C$6.5M | C$20.1M | C$3.9M |
| Other financing | C$3.5M | C$2.0M | C$0 | −C$11.2M | C$7.3M |
| Cash from financing activities | C$20.6M | C$7.8M | C$10.2M | C$8.9M | C$11.2M |
| Summary | |||||
| Net change in cash | C$2.0M | −C$1.3M | −C$1.7M | −C$531,625 | C$3.1M |
| Cash at end of period | C$3.3M | C$1.4M | C$2.6M | C$4.3M | C$4.8M |
| Free cash flow | −C$15.5M | −C$8.2M | −C$13.2M | −C$9.5M | −C$5.0M |
| Operating cash flow / net income | — | — | −0.55 | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −C$9.0M | −C$7.0M | −C$9.1M | −C$3.5M | −C$4.3M | −C$2.8M | −C$4.2M | −C$2.4M | −C$2.7M |
| Depreciation & amortization | C$363,087 | C$77,033 | C$6,161 | C$974 | C$979 | C$1,015 | C$991 | C$964 | C$968 |
| Stock-based compensation | C$2.2M | C$1.3M | — | — | C$0 | C$0 | — | — | — |
| Change in working capital | C$1.5M | C$1.6M | C$2.4M | −C$2.0M | C$507,481 | −C$629,509 | C$201,931 | C$246,633 | C$1.2M |
| Other non-cash items | −C$66,442 | C$101,741 | C$3.5M | C$230,708 | C$910,284 | C$458,805 | C$13,996 | C$383,163 | C$417,476 |
| Cash from operating activities | −C$5.0M | −C$4.0M | −C$3.3M | −C$5.3M | −C$2.9M | −C$2.9M | −C$3.9M | −C$1.8M | −C$1.0M |
| Investing activities | |||||||||
| Capital expenditures | −C$2.0M | −C$2.2M | −C$600,253 | C$0 | C$0 | −C$568,136 | −C$136,633 | C$0 | C$0 |
| Acquisitions & other investing | C$304,866 | −C$2.4M | −C$1.8M | −C$198,166 | −C$118,797 | −C$919,114 | −C$222,496 | −C$165,528 | −C$192,748 |
| Cash from investing activities | −C$1.6M | −C$4.6M | −C$2.4M | −C$198,166 | −C$118,797 | −C$1.5M | −C$359,129 | −C$165,528 | −C$192,748 |
| Financing activities | |||||||||
| Net borrowing (repayment) | C$1 | −C$123,530 | C$0 | C$0 | C$0 | C$2.1M | C$4.2M | C$1.5M | — |
| Shares issued | C$335,956 | C$13.5M | C$0 | C$0 | C$0 | C$15.0M | C$0 | C$0 | C$0 |
| Other financing | C$144 | C$0 | C$1.8M | C$1.7M | C$40,484 | C$0 | C$1.3M | C$22,905 | C$552,500 |
| Cash from financing activities | C$336,101 | C$13.3M | C$1.8M | C$1.7M | C$40,484 | C$17.1M | C$5.6M | C$1.5M | C$552,500 |
| Summary | |||||||||
| Net change in cash | −C$6.5M | C$4.8M | −C$3.9M | −C$3.8M | −C$3.0M | C$12.6M | C$1.3M | −C$465,687 | −C$673,926 |
| Cash at end of period | C$1.8M | C$8.1M | C$3.3M | C$7.2M | C$11.0M | C$14.0M | C$1.4M | C$64,422 | C$530,109 |
| Free cash flow | −C$6.9M | −C$6.2M | −C$3.9M | −C$5.3M | −C$2.9M | −C$3.5M | −C$4.1M | −C$1.8M | −C$1.0M |
| Free cash flow margin | −963.6% | — | — | — | — | — | — | — | — |
| Capex / revenue | 270.5% | — | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
AEC cash generation
In fiscal 2025 (ended December 31, 2025), Anfield Energy generated -C$14.4 million of cash from operations and spent C$1.2 million on capital expenditures, leaving free cash flow of -C$15.5 million. Cash and equivalents rose by C$2.0 million over the year.
Related: AEC income statement, AEC balance sheet. See the AEC stock overview for the latest quote and news.
AEC cash flow FAQ
What is Anfield Energy's free cash flow?
Anfield Energy's free cash flow was -C$15.5 million in fiscal 2025: -C$14.4 million of operating cash flow minus C$1.2 million of capital expenditures It was -C$8.2 million a year earlier..
How much cash does Anfield Energy generate from operations?
Anfield Energy generated -C$14.4 million of cash from operating activities in fiscal 2025.
How much does Anfield Energy spend on capital expenditures?
Anfield Energy spent C$1.2 million on capital expenditures in fiscal 2025, compared with C$0.1 million the year before.