Thunder Power Holdings, Inc. (AIEV) Cash Flow Statement
Where AIEV’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$1.5M
- Capital expenditures
- $0
- Free cash flow
- −$1.5M
- Returned to shareholders
- —
- Change in cash
- −$42,523 cash at year-end $10,093
Drawn to scale: where the cash came from and how it was used. Hover for values.
AIEV operating cash flow, capex and free cash flow
AIEV cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$506,9872021 | −$1.5M2025 | — | |
| Capital expenditures | $02021 | $02025 | — | |
| Free cash flow | −$506,9872021 | −$1.5M2025 | — | |
| Operating cash flow / net income | −1.312022 | −1.932023 | −0.62 | |
| Stock-based compensation | $17,4642021 | $02025 | −100.0% |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AIEV cash flow by activity
AIEV 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).
AIEV cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −$2.1M | −$2.5M | $1.3M | $404,616 | −$923,815 |
| Depreciation & amortization | $17,137 | $28,969 | $31,084 | $65,886 | $119,791 |
| Stock-based compensation | $0 | $1.0M | $810,469 | $16,676 | $17,464 |
| Change in working capital | −$139,065 | $238,417 | $315,362 | $376,456 | $279,572 |
| Other non-cash items | $727,309 | $0 | −$5.1M | −$1.4M | $1 |
| Cash from operating activities | −$1.5M | −$1.2M | −$2.6M | −$528,176 | −$506,987 |
| Investing activities | |||||
| Capital expenditures | $0 | $0 | −$1 | $0 | $0 |
| Investments (net) | −$1,400 | $929,302 | $0 | — | — |
| Financing activities | |||||
| Share repurchases & issuance (net) | — | — | −$50.2M | — | — |
| Net borrowing (repayment) | $1.5M | $646,560 | −$615,000 | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$492,900 | $2.8M | $100.3M | $500,000 |
| Cash from financing activities | $1.5M | $153,660 | −$48.1M | $100.3M | $500,000 |
| Summary | |||||
| Net change in cash | −$42,523 | −$144,291 | −$528,302 | $546,403 | −$6,987 |
| Cash at end of period | $10,093 | $52,616 | $196,907 | $546,632 | $229 |
| Free cash flow | −$1.5M | −$1.2M | −$2.6M | −$528,176 | −$506,987 |
| Operating cash flow / net income | — | — | −1.93 | −1.31 | — |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$493,651 | −$432,872 | −$428,139 | −$503,503 | −$754,903 | −$28,095 | −$912,317 | −$1.3M | −$18,535 | $87,597 | $36,244 | $602,004 |
| Depreciation & amortization | — | — | — | — | — | $7,179 | $7,237 | $517 | — | $7,514 | $7,317 | — |
| Stock-based compensation | — | — | — | — | — | $0 | $0 | — | — | $0 | $348,858 | — |
| Change in working capital | — | — | — | — | — | −$300,979 | $541,382 | −$362,594 | $360,608 | $59,285 | −$138,780 | −$235,675 |
| Other non-cash items | $140,315 | $287,134 | $65,529 | $120,689 | $132,029 | $0 | $0 | $1.5M | −$700,936 | −$715,466 | −$1.0M | −$1.2M |
| Cash from operating activities | −$353,336 | −$145,738 | −$362,610 | −$382,814 | −$622,874 | −$321,895 | −$363,698 | −$182,797 | −$358,863 | −$561,070 | −$784,389 | −$833,930 |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$3 | $0 | $0 | $0 | $0 |
| Investments (net) | $0 | $0 | $0 | $0 | −$1,400 | $0 | $0 | $929,302 | $0 | — | $0 | — |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | — | −$50.2M |
| Net borrowing (repayment) | $350,000 | $140,025 | $281,597 | $460,172 | $591,470 | $341,500 | $325,060 | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $0 | $0 | $0 | −$849,700 | −$263,200 | $600,000 | $590,000 | $495,000 | $100,000 |
| Cash from financing activities | $350,000 | $140,025 | $281,597 | $460,172 | $591,470 | $341,500 | −$524,640 | −$263,200 | $600,000 | $590,000 | $495,000 | −$50.1M |
| Summary | ||||||||||||
| Net change in cash | −$1,427 | −$6,348 | −$81,013 | $77,642 | −$32,804 | $18,980 | −$887,713 | $885,727 | $17,292 | −$92,525 | −$300,092 | $32,817 |
| Cash at end of period | $8,666 | $10,093 | $16,441 | $97,454 | $19,812 | $52,616 | $33,636 | $921,349 | $35,622 | $18,330 | $110,855 | $410,947 |
| Free cash flow | −$353,336 | −$145,738 | −$362,610 | −$382,814 | −$622,874 | −$321,895 | −$363,698 | −$182,800 | −$358,863 | −$561,070 | −$784,389 | −$833,930 |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | −6.41 | −21.64 | −1.39 |
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.
AIEV cash generation
In fiscal 2025 (ended December 31, 2025), Thunder Power generated -$1.5 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$1.5 million. Cash and equivalents fell by $0.0 million over the year.
Related: AIEV income statement, AIEV balance sheet. See the AIEV stock overview for the latest quote and news.
AIEV cash flow FAQ
What is Thunder Power's free cash flow?
Thunder Power's free cash flow was -$1.5 million in fiscal 2025: -$1.5 million of operating cash flow minus $0 of capital expenditures It was -$1.2 million a year earlier..
How much cash does Thunder Power generate from operations?
Thunder Power generated -$1.5 million of cash from operating activities in fiscal 2025.