Aethlon Medical, Inc. (AEMD) Cash Flow Statement
Where AEMD’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- −$7.0M
- Capital expenditures
- $3,704
- Free cash flow
- −$7.0M
- Returned to shareholders
- —
- Change in cash
- −$473,688 cash at year-end $5.1M
Cash from operations
−$7.0M
Shares issued
+$6.9M
Other financing
−$379,561
Change in cash
−$473,688
Drawn to scale: where the cash came from and how it was used. Hover for values.
AEMD operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AEMD cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$3.5MFY2017 | −$7.0MFY2026 | — | |
| Capital expenditures | $16,433FY2017 | $3,704FY2026 | −15.3%/yr | |
| Free cash flow | −$3.5MFY2017 | −$7.0MFY2026 | — | |
| Free cash flow margin | −898.4%FY2017 | −1,993.6%FY2023 | −1,095.2 pts | |
| Stock-based compensation | $2.2MFY2017 | $278,547FY2026 | −20.5%/yr | |
| Dividends paid | $0FY2017 | $40,938FY2020 | — | |
| Share buybacks (net) | $378,518FY2017 | $12,493FY2023 | −43.4%/yr | |
| Capex / revenue | 4.2%FY2017 | 164.2%FY2023 | +160.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AEMD cash flow by activity
OperatingInvestingFinancingChange in cash
AEMD net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AEMD cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$7.2M | −$13.4M | −$12.2M | −$12.0M | −$10.4M | −$7.9M | −$6.4M | −$6.2M | −$5.7M | −$7.3M |
| Depreciation & amortization | $323,653 | $339,559 | $359,057 | $240,892 | $123,685 | $39,939 | $26,366 | $30,695 | $35,658 | $32,413 |
| Stock-based compensation | $278,547 | $415,234 | $1.2M | $1.1M | $750,621 | $779,421 | $843,998 | $1.3M | $1.3M | $2.2M |
| Change in working capital | −$743,149 | $93,694 | $478,659 | $65,339 | −$251,110 | $309,690 | −$115,003 | $435,877 | −$293,657 | $457,626 |
| Other non-cash items | $294,026 | $4.9M | $21,278 | $166,529 | $30,532 | −$2,491 | $427,072 | $140,499 | $786,387 | $1.1M |
| Cash from operating activities | −$7.0M | −$7.6M | −$10.1M | −$10.5M | −$9.8M | −$6.8M | −$5.2M | −$4.3M | −$3.9M | −$3.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$3,704 | −$2 | −$250,867 | −$943,109 | −$349,193 | −$59,881 | −$151,665 | −$151,665 | −$24,823 | −$16,433 |
| Investments (net) | — | $0 | −$250,867 | −$943,109 | −$349,193 | −$59,881 | −$151,665 | $0 | −$24,823 | −$16,433 |
| Acquisitions & other investing | $0 | — | $250,867 | $943,109 | $349,193 | $59,881 | $151,665 | $0 | $24,823 | $16,433 |
| Cash from investing activities | −$3,704 | — | −$250,867 | −$943,109 | −$349,193 | −$59,881 | −$151,665 | −$151,665 | −$24,823 | −$16,433 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | −$40,938 | — | $0 | $0 |
| Share repurchases & issuance (net) | — | — | — | −$12,493 | −$88,118 | −$132,527 | −$40,938 | −$193,866 | −$278,633 | −$378,518 |
| Net borrowing (repayment) | — | — | — | — | — | — | −$992,591 | −$992,591 | −$992,591 | $577,460 |
| Shares issued | $6.9M | $3.5M | $1.3M | $8.9M | $17.5M | $7.3M | $12.2M | $1.3M | $0 | $0 |
| Other financing | −$379,561 | $4.2M | −$34,778 | $0 | $0 | $0 | $40,938 | $992,591 | $10.6M | $2.8M |
| Cash from financing activities | $6.5M | $7.7M | $1.3M | $8.9M | $17.4M | $7.1M | $11.1M | $1.1M | $9.3M | $3.0M |
| Summary | ||||||||||
| Net change in cash | −$473,688 | $69,590 | −$9.1M | −$2.5M | $7.3M | $303,521 | $5.8M | −$3.1M | $5.4M | −$564,036 |
| Cash at end of period | $5.1M | $5.6M | $5.5M | $14.6M | $17.2M | $9.9M | $9.6M | $3.8M | $7.0M | $1.6M |
| Free cash flow | −$7.0M | −$7.6M | −$10.4M | −$11.4M | −$10.1M | −$6.8M | −$5.3M | −$4.3M | −$3.9M | −$3.5M |
| Free cash flow margin | — | — | — | −1,993.6% | −3,439.0% | −1,035.5% | −822.7% | −1,869.8% | −2,630.2% | −898.4% |
| Capex / revenue | — | — | — | 164.2% | 118.7% | 9.1% | 23.3% | 66.0% | 16.6% | 4.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.55B | −$1.9M | −$2.0M | −$1.5M | −$1.8M | −$6.3M | −$1.8M | −$2.8M | −$2.6M | −$2.4M | −$3.5M | −$3.0M |
| Depreciation & amortization | $148,485 | $79,547 | $81,603 | $79,866 | $82,637 | $83,864 | $83,808 | $85,827 | $86,060 | $85,832 | $91,473 | $91,427 |
| Stock-based compensation | $50.0M | $61,221 | $72,442 | $72,442 | $72,442 | $72,443 | $89,970 | $113,493 | $139,328 | $139,120 | $572,955 | $257,181 |
| Change in working capital | −$547.1M | −$81,646 | −$84,070 | −$397,005 | −$180,428 | −$258,393 | −$500,464 | $252,819 | $599,732 | −$381,625 | $421,153 | −$18,984 |
| Other non-cash items | $148.3M | $74,763 | $73,913 | $73,080 | $72,270 | $4.7M | $70,680 | $140,277 | −$1,217 | $16,649 | $2,705 | $686 |
| Cash from operating activities | −$1.90B | −$1.8M | −$1.9M | −$1.7M | −$1.7M | −$1.7M | −$2.0M | −$2.2M | −$1.7M | −$2.6M | −$2.4M | −$2.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$9.2M | −$2,051 | −$1,653 | −$3 | −$3 | −$2,192 | −$2,192 | −$2 | −$3 | −$4,907 | −$8,807 | −$6,770 |
| Investments (net) | — | — | — | — | — | $2,192 | −$2,192 | $0 | $0 | −$4,907 | −$8,807 | −$6,770 |
| Acquisitions & other investing | $0 | $0 | −$1.7M | — | — | $2,192 | $2,192 | — | — | $4,907 | $8,807 | $6,770 |
| Cash from investing activities | −$9.2M | −$2,051 | −$1.7M | — | — | $2,192 | −$2,192 | — | — | −$4,907 | −$8,807 | −$6,770 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | −$5,357 | $5,357 | — | −$5,357 | — | −$7,073 | −$3,832 | $27,588 | $27,588 | −$9,373 | −$9,843 |
| Shares issued | $0 | $0 | $4.0M | $3.7M | $0 | $0 | $0 | $0 | $5.4M | $49,762 | $186,502 | $0 |
| Other financing | $1.82B | −$191,139 | −$1.0M | −$3,344 | $0 | $2.4M | $0 | $0 | −$32,666 | −$34,778 | $0 | $0 |
| Cash from financing activities | $1.82B | −$196,496 | $3.0M | $3.7M | −$5,357 | $2.4M | −$7,073 | −$3,832 | $5.4M | $42,572 | $177,129 | −$9,843 |
| Summary | ||||||||||||
| Net change in cash | −$92.7M | −$1.9M | $1.1M | $2.1M | −$1.7M | $686,181 | −$2.0M | −$2.2M | $3.6M | −$2.5M | −$2.2M | −$2.7M |
| Cash at end of period | $5.03B | $5.1M | $7.1M | $6.0M | $3.9M | $5.6M | $4.9M | $6.9M | $9.2M | $5.5M | $8.1M | $10.3M |
| Free cash flow | −$1.91B | −$1.8M | −$1.9M | −$1.7M | −$1.7M | −$1.7M | −$2.0M | −$2.2M | −$1.7M | −$2.6M | −$2.4M | −$2.7M |
| Free cash flow margin | — | — | — | — | — | −970.5% | — | — | — | — | — | — |
| Capex / revenue | — | — | — | — | — | 1.3% | — | — | — | — | — | — |
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.
AEMD cash generation
In fiscal 2026 (ended March 31, 2026), Aethlon Medical generated -$7.0 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$7.0 million. Cash and equivalents fell by $0.5 million over the year.
Related: AEMD income statement, AEMD balance sheet. See the AEMD stock overview for the latest quote and news.
AEMD cash flow FAQ
What is Aethlon Medical's free cash flow?
Aethlon Medical's free cash flow was -$7.0 million in fiscal 2026: -$7.0 million of operating cash flow minus $0.0 million of capital expenditures It was -$7.6 million a year earlier..
How much cash does Aethlon Medical generate from operations?
Aethlon Medical generated -$7.0 million of cash from operating activities in fiscal 2026.
How much does Aethlon Medical spend on capital expenditures?
Aethlon Medical spent $0.0 million on capital expenditures in fiscal 2026, compared with $0.0 million the year before.