Solowin Holdings (AXG) Cash Flow Statement
Where AXG’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- −$2.2M
- Capital expenditures
- $23,836 0.7% of revenue
- Free cash flow
- −$2.3M −63.1% margin
- Returned to shareholders
- —
- Change in cash
- $1.7M cash at year-end $2.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AXG operating cash flow, capex and free cash flow
AXG cash flow trends, FY2021–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.4MFY2021 | −$2.2MFY2026 | — | |
| Capital expenditures | $4,771FY2021 | $23,836FY2026 | +38.0%/yr | |
| Free cash flow | $1.4MFY2021 | −$2.3MFY2026 | — | |
| Free cash flow margin | 932.2%FY2021 | −63.1%FY2026 | −995.3 pts | |
| Stock-based compensation | $0FY2022 | $3.2MFY2026 | — | |
| Capex / revenue | 3.1%FY2021 | 0.7%FY2026 | −2.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AXG cash flow by activity
AXG 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).
AXG cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −$1.7M | −$1.1M | −$582,273 | $172,093 | −$125,763 | −$83,196 |
| Depreciation & amortization | $17,682 | $12,703 | $3,834 | $2,296 | $2,440 | $1,547 |
| Stock-based compensation | $3.2M | $3.3M | $3.8M | $0 | $0 | — |
| Change in working capital | −$1.1M | $533,032 | −$764,138 | −$233,200 | −$626,503 | $1.5M |
| Other non-cash items | −$2.7M | −$2.9M | −$3.2M | $2,297 | $12,718 | $7,869 |
| Cash from operating activities | −$2.2M | −$135,632 | −$716,595 | −$56,514 | −$737,108 | $1.4M |
| Investing activities | ||||||
| Capital expenditures | −$23,836 | −$11,287 | −$18,024 | −$1,015 | −$2,181 | −$4,771 |
| Investments (net) | −$126,000 | $287,000 | −$1.4M | $225,000 | $114,000 | — |
| Acquisitions & other investing | $720,304 | −$238,886 | $1.2M | −$195,282 | −$97,175 | $50,045 |
| Cash from investing activities | $570,468 | $36,827 | −$175,857 | $28,703 | $14,644 | $45,274 |
| Financing activities | ||||||
| Net borrowing (repayment) | $5.0M | $420,000 | $0 | $0 | — | — |
| Shares issued | $0 | $1.0M | $7.1M | $0 | $1.5M | $0 |
| Other financing | −$2.0M | −$1.1M | −$6.2M | −$43,501 | −$1.3M | −$6,191 |
| Cash from financing activities | $3.0M | $304,883 | $858,840 | −$43,501 | $187,552 | −$6,191 |
| Summary | ||||||
| Net change in cash | $1.7M | $219,866 | $28,207 | $120,470 | $55,039 | $69,715 |
| Cash at end of period | $2.1M | $493,297 | $273,431 | $245,224 | $124,754 | $69,715 |
| Free cash flow | −$2.3M | −$146,920 | −$734,620 | −$57,530 | −$739,290 | $1.4M |
| Free cash flow margin | −63.1% | −40.6% | −134.0% | −10.1% | −176.8% | 932.2% |
| Capex / revenue | 0.7% | 3.1% | 3.3% | 0.2% | 0.5% | 3.1% |
| Operating cash flow / net income | — | — | — | −0.33 | — | — |
| Jun '26 | Dec '25 | Mar '25 | Sep '24 | Jun '24 | Sep '23 | Mar '23 | Sep '22 | Mar '22 | Sep '21 | Mar '21 | Sep '20 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.1M | −$592,861 | −$293,545 | −$801,041 | −$742,454 | $159,354 | $197,826 | −$25,486 | −$79,386 | −$46,322 | −$79,386 | −$46,322 |
| Depreciation & amortization | $10,519 | $56,572 | $6,171 | $6,531 | $2,302 | $1,532 | $1,149 | $1,147 | $1,282 | $1,158 | $1,282 | $1,158 |
| Stock-based compensation | — | — | — | — | $3.8M | — | — | — | — | — | — | — |
| Change in working capital | −$1.0M | −$37,757 | $43,886 | $490,229 | −$281,284 | −$483,555 | −$51,994 | −$181,464 | −$396,820 | −$228,651 | −$396,820 | −$228,651 |
| Other non-cash items | $428,175 | $5,247 | $7,178 | $404,683 | −$3.2M | $19,793 | $2,246 | $0 | $12,846 | −$1 | $12,846 | −$1 |
| Cash from operating activities | −$1.7M | −$568,799 | −$236,310 | $100,402 | −$414,377 | −$302,876 | $149,227 | −$205,803 | −$462,078 | −$273,816 | −$462,078 | −$273,816 |
| Investing activities | ||||||||||||
| Capital expenditures | −$23,472 | −$381 | −$8,629 | −$2,692 | −$17,782 | −$253 | −$1,017 | −$4 | −$9 | −$2,183 | −$9 | −$2,183 |
| Acquisitions & other investing | $514,713 | $80,248 | $11,722 | $36,500 | −$155,428 | −$2,556 | −$4,909 | $34,665 | $23,379 | −$6,566 | $23,379 | −$6,566 |
| Cash from investing activities | $491,241 | $79,867 | $3,093 | $33,808 | −$173,210 | −$2,809 | −$5,926 | $34,661 | $23,370 | −$8,749 | $23,370 | −$8,749 |
| Financing activities | ||||||||||||
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.7M | $1.3M | $302,685 | $2,817 | −$222 | $859,852 | −$34,629 | −$8,920 | $110,812 | $76,431 | $110,812 | $76,431 |
| Cash from financing activities | $1.7M | $1.3M | $302,685 | $2,817 | −$222 | $859,852 | −$34,629 | −$8,920 | $110,812 | $76,431 | $110,812 | $76,431 |
| Summary | ||||||||||||
| Net change in cash | $1.0M | $635,179 | $176,722 | $43,144 | $273,431 | −$245,224 | $245,224 | −$124,754 | $124,754 | −$801,000 | $124,754 | $11.3M |
| Cash at end of period | $2.1M | $1.1M | $493,297 | $316,575 | $273,431 | $2.2M | $245,224 | −$706,500 | $124,754 | $10.6M | $124,754 | $12.2M |
| Free cash flow | −$1.7M | −$569,180 | −$244,940 | $97,710 | −$432,160 | −$303,130 | $148,210 | −$205,800 | −$462,070 | −$276,000 | −$462,070 | −$276,000 |
| Free cash flow margin | −59.8% | −76.1% | −108.0% | 72.3% | −204.6% | −89.9% | 35.3% | −138.5% | −388.2% | −92.1% | −388.2% | −92.1% |
| Capex / revenue | 0.8% | 0.1% | 3.8% | 2.0% | 8.4% | 0.1% | 0.2% | 0.0% | 0.0% | 0.7% | 0.0% | 0.7% |
| Operating cash flow / net income | — | — | — | — | — | −1.90 | 0.75 | — | — | — | — | — |
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.
AXG cash generation
In fiscal 2026 (ended March 31, 2026), Solowin generated -$2.2 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$2.3 million, −63.1% of revenue. Cash and equivalents rose by $1.7 million over the year.
Related: AXG income statement, AXG balance sheet. See the AXG stock overview for the latest quote and news.
AXG cash flow FAQ
What is Solowin's free cash flow?
Solowin's free cash flow was -$2.3 million in fiscal 2026: -$2.2 million of operating cash flow minus $0.0 million of capital expenditures It was -$0.1 million a year earlier..
How much cash does Solowin generate from operations?
Solowin generated -$2.2 million of cash from operating activities in fiscal 2026.
How much does Solowin spend on capital expenditures?
Solowin spent $0.0 million on capital expenditures in fiscal 2026, 0.7% of revenue, compared with $0.0 million the year before.