Aether Holdings, Inc. (ATHR) Cash Flow Statement
Where ATHR’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- −$3.6M
- Capital expenditures
- $250,667 18.2% of revenue
- Free cash flow
- −$3.8M −276.7% margin
- Returned to shareholders
- —
- Change in cash
- $3.9M cash at year-end $4.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ATHR operating cash flow, capex and free cash flow
ATHR cash flow trends, FY2022–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $117,512FY2022 | −$3.6MFY2025 | — | |
| Capital expenditures | $0FY2022 | $250,667FY2025 | — | |
| Free cash flow | $117,512FY2022 | −$3.8MFY2025 | — | |
| Free cash flow margin | 7.4%FY2022 | −276.7%FY2025 | −284.1 pts | |
| Stock-based compensation | $0FY2022 | $0FY2025 | — | |
| Dividends paid | $30,512FY2022 | $0FY2024 | −100.0% | |
| Capex / revenue | 0.0%FY2022 | 18.2%FY2025 | +18.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ATHR cash flow by activity
ATHR 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).
ATHR cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | −$3.1M | −$939,436 | −$295,747 | −$21,410 |
| Depreciation & amortization | $1,063 | $2,094 | $2,318 | $3,199 |
| Stock-based compensation | $0 | $222,919 | $434,895 | $0 |
| Change in working capital | −$430,070 | −$138,957 | $63,637 | $135,723 |
| Other non-cash items | $0 | $0 | $0 | $0 |
| Cash from operating activities | −$3.6M | −$853,380 | $205,103 | $117,512 |
| Investing activities | ||||
| Capital expenditures | −$250,667 | $0 | −$3 | $0 |
| Acquisitions & other investing | $0 | — | — | — |
| Cash from investing activities | −$250,667 | — | — | — |
| Financing activities | ||||
| Dividends paid | — | $0 | −$71,194 | −$30,512 |
| Shares issued | $7.7M | $1.5M | $0 | $0 |
| Other financing | −$44,019 | −$192,565 | −$296,062 | −$92,432 |
| Cash from financing activities | $7.7M | $1.3M | −$367,256 | −$122,944 |
| Summary | ||||
| Net change in cash | $3.9M | $459,717 | −$162,153 | −$5,432 |
| Cash at end of period | $4.4M | $557,823 | $98,106 | $260,259 |
| Free cash flow | −$3.8M | −$853,380 | $205,103 | $117,512 |
| Free cash flow margin | −276.7% | −59.3% | 13.2% | 7.4% |
| Capex / revenue | 18.2% | 0.0% | 0.0% | 0.0% |
| 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 | −$1.3M | −$1.0M | −$1.3M | −$1.4M | −$1.0M | −$427,391 | −$284,989 | −$309,397 | −$327,861 | −$182,275 | −$93,939 | −$50,027 |
| Depreciation & amortization | $36,597 | $29,706 | $7,744 | −$594 | $610 | $524 | $523 | $523 | $524 | $523 | $524 | $523 |
| Stock-based compensation | $25,000 | −$14,778 | $14,778 | $0 | $0 | $0 | $0 | $0 | $66,667 | −$66,667 | $222,919 | $83,333 |
| Change in working capital | −$139,130 | $16,560 | $266,652 | −$148,522 | −$630,594 | $322,596 | $26,450 | −$42,187 | $86,121 | $162,876 | −$201,054 | $42,608 |
| Other non-cash items | $231,665 | $78,297 | $0 | $0 | −$516 | $516 | $0 | $0 | −$66,667 | $0 | $0 | $0 |
| Cash from operating activities | −$1.2M | −$919,179 | −$1.0M | −$1.6M | −$1.6M | −$103,755 | −$258,016 | −$351,061 | −$241,216 | −$85,543 | −$71,550 | $76,437 |
| Investing activities | ||||||||||||
| Capital expenditures | −$6,500 | −$71,543 | −$1.6M | −$109,247 | −$575 | −$5 | −$4 | $0 | −$4 | −$3 | $0 | −$3 |
| Acquisitions & other investing | $19,058 | $0 | $0 | −$131,845 | −$9,000 | — | — | — | — | $100,116 | −$100,113 | — |
| Cash from investing activities | $12,558 | −$71,543 | −$1.6M | −$241,092 | −$9,575 | — | — | — | — | $100,113 | −$100,113 | — |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 | — | — | — |
| Net borrowing (repayment) | $2.8M | — | — | — | −$20,000 | — | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $7.7M | $0 | $0 | $96,945 | $319,920 | $261,849 | $826,948 | $0 |
| Other financing | −$11,826 | $0 | $0 | $0 | −$21,230 | −$96,693 | $93,904 | −$5,295 | −$46,323 | −$82,582 | −$162,375 | −$131,461 |
| Cash from financing activities | $2.8M | $0 | $0 | $0 | $7.7M | −$96,693 | $93,904 | $91,650 | $273,597 | $179,267 | $664,573 | −$131,461 |
| Summary | ||||||||||||
| Net change in cash | $1.6M | −$990,722 | −$2.6M | −$1.8M | $6.0M | −$200,448 | −$164,112 | −$259,411 | $32,381 | $93,724 | $593,023 | −$55,024 |
| Cash at end of period | $2.4M | $807,957 | $1.8M | $4.4M | $6.2M | $193,263 | $393,711 | $557,823 | $817,234 | $784,853 | $691,129 | $98,106 |
| Free cash flow | −$1.2M | −$919,179 | −$2.6M | −$1.7M | −$1.6M | −$103,755 | −$258,016 | −$351,061 | −$241,216 | −$85,543 | −$71,550 | $76,437 |
| Free cash flow margin | −363.6% | −273.5% | −773.2% | −491.8% | −478.1% | −30.3% | −72.8% | −99.5% | −67.6% | −23.4% | −19.6% | 20.7% |
| Capex / revenue | 2.0% | 21.3% | 475.6% | 32.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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.
ATHR cash generation
In fiscal 2025 (ended September 30, 2025), Aether generated -$3.6 million of cash from operations and spent $0.3 million on capital expenditures, leaving free cash flow of -$3.8 million, −276.7% of revenue. Cash and equivalents rose by $3.9 million over the year.
Related: ATHR income statement, ATHR balance sheet. See the ATHR stock overview for the latest quote and news.
ATHR cash flow FAQ
What is Aether's free cash flow?
Aether's free cash flow was -$3.8 million in fiscal 2025: -$3.6 million of operating cash flow minus $0.3 million of capital expenditures It was -$0.9 million a year earlier..
How much cash does Aether generate from operations?
Aether generated -$3.6 million of cash from operating activities in fiscal 2025.
How much does Aether spend on capital expenditures?
Aether spent $0.3 million on capital expenditures in fiscal 2025, 18.2% of revenue.