ZW Data Action Technologies Inc. (CNET) Cash Flow Statement
Where CNET’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$929,000
- Capital expenditures
- $665,000 14.4% of revenue
- Free cash flow
- −$1.6M −34.5% margin
- Returned to shareholders
- —
- Change in cash
- $158,000 cash at year-end $970,000
Cash from operations
−$929,000
Capital expenditures
−$665,000
Acquisitions & other
+$521,000
Shares issued
+$1.2M
Change in cash
$158,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
CNET operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CNET cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$563,0002016 | −$929,0002025 | — | |
| Capital expenditures | $2.1M2016 | $665,0002025 | −12.1%/yr | |
| Free cash flow | −$2.7M2016 | −$1.6M2025 | — | |
| Free cash flow margin | −7.7%2016 | −34.5%2025 | −26.8 pts | |
| Stock-based compensation | $2.3M2016 | $346,0002025 | −19.0%/yr | |
| Dividends paid | $02016 | $02018 | — | |
| Share buybacks (net) | $02016 | $02020 | — | |
| Capex / revenue | 6.1%2016 | 14.4%2025 | +8.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CNET cash flow by activity
OperatingInvestingFinancingChange in cash
CNET 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).
CNET cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$1.8M | −$3.8M | −$6.0M | −$9.8M | −$2.7M | −$5.2M | −$1.3M | −$14.1M | −$10.0M | −$6.3M |
| Depreciation & amortization | $278,000 | $960,000 | $1.7M | $2.6M | $839,000 | $869,000 | $260,000 | $541,000 | $1.4M | $1.6M |
| Stock-based compensation | $346,000 | $684,000 | $107,000 | $186,000 | $7.0M | $2.2M | $393,000 | $233,000 | $2.3M | $2.3M |
| Change in working capital | −$257,000 | −$763,000 | $135,000 | $757,000 | −$3.4M | $2.2M | −$5.4M | −$1.6M | $687,000 | $1.1M |
| Other non-cash items | $475,000 | $830,000 | $2.1M | $3.1M | −$10.6M | $334,000 | $1.7M | $9.6M | $4.3M | $754,000 |
| Cash from operating activities | −$929,000 | −$2.1M | −$2.0M | −$3.1M | −$8.8M | $326,000 | −$4.3M | −$5.4M | −$1.3M | −$563,000 |
| Investing activities | ||||||||||
| Capital expenditures | −$665,000 | −$3,000 | −$81,000 | $0 | −$1.5M | −$2.0M | −$2.1M | −$4.2M | −$4,000 | −$2.1M |
| Investments (net) | $0 | $895,000 | −$468,000 | $552,000 | −$5.5M | −$1.4M | −$2.2M | $680,000 | −$2.5M | −$2.6M |
| Acquisitions & other investing | $521,000 | $3,000 | −$988,000 | $0 | $1.5M | −$25,000 | $2.1M | $453,000 | $3.6M | $2.1M |
| Cash from investing activities | −$144,000 | $895,000 | −$1.5M | $552,000 | −$5.5M | −$3.5M | −$2.2M | −$3.0M | $1.1M | −$2.6M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Share repurchases & issuance (net) | — | — | — | — | — | $6.2M | $4.8M | $10.3M | $0 | $0 |
| Net borrowing (repayment) | — | — | — | — | $0 | −$435,000 | −$435,000 | $151,000 | $151,000 | $753,000 |
| Shares issued | $1.2M | $0 | $0 | $0 | $17.1M | $6.2M | $4.8M | $10.3M | $0 | $0 |
| Other financing | $0 | $1.1M | $0 | −$40,000 | $0 | −$6.2M | −$4.8M | −$11.2M | −$892,000 | $0 |
| Cash from financing activities | $1.2M | $1.1M | $0 | −$40,000 | $17.1M | $5.8M | $4.4M | $9.5M | −$741,000 | $753,000 |
| Summary | ||||||||||
| Net change in cash | $158,000 | −$5,000 | −$3.6M | −$2.8M | $2.9M | $2.7M | −$2.1M | $790,000 | −$83,000 | −$2.5M |
| Cash at end of period | $970,000 | $812,000 | $817,000 | $4.4M | $7.2M | $4.3M | $1.6M | $3.7M | $3.0M | $3.0M |
| Free cash flow | −$1.6M | −$2.1M | −$2.1M | −$3.1M | −$10.3M | −$1.7M | −$6.4M | −$9.6M | −$1.3M | −$2.7M |
| Free cash flow margin | −34.5% | −13.3% | −6.8% | −6.7% | −21.8% | −4.4% | −11.1% | −16.7% | −2.8% | −7.7% |
| Capex / revenue | 14.4% | 0.0% | 0.3% | 0.0% | 3.2% | 5.2% | 3.7% | 7.3% | 0.0% | 6.1% |
| 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 | −$350,000 | $126,000 | −$496,000 | −$108,000 | −$637,000 | −$530,000 | −$781,000 | −$1.9M | −$216,000 | −$1.9M | −$1.9M | −$1.5M |
| Depreciation & amortization | $79,000 | $78,000 | $80,000 | $82,000 | $81,000 | $35,000 | $225,000 | $237,000 | $238,000 | $376,000 | $376,000 | $423,000 |
| Stock-based compensation | $242,000 | $0 | $0 | $59,000 | $144,000 | $143,000 | −$958,000 | $1.6M | $0 | $12,000 | $12,000 | $12,000 |
| Change in working capital | −$53,000 | −$256,999 | $335,000 | −$474,931 | $843,000 | −$963,000 | $365,000 | −$201,000 | −$1.0M | $120,674 | $123,000 | −$393,000 |
| Other non-cash items | −$26,000 | −$239,001 | −$67,000 | −$46,161 | $254,000 | $331,000 | $319,000 | $45,000 | $334,000 | $917,686 | $921,000 | $804,000 |
| Cash from operating activities | −$108,000 | −$292,000 | −$148,000 | −$488,092 | $685,000 | −$984,000 | −$830,000 | −$198,000 | −$677,000 | −$481,640 | −$476,000 | −$674,000 |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | −$535,000 | −$387 | −$572,000 | −$637,000 | $0 | −$3,000 | −$3,000 | −$28,929 | −$29,000 | −$50,455 |
| Investments (net) | — | — | $0 | $0 | −$28,000 | $484,000 | $0 | −$6,000 | $642,000 | $9,000 | −$38,000 | −$37,000 |
| Acquisitions & other investing | — | $51,000 | −$65,000 | $3,101 | $572,000 | $637,000 | — | $3,000 | $3,000 | −$32,048 | — | $50,455 |
| Cash from investing activities | — | $51,000 | −$600,000 | $2,714 | −$28,000 | $484,000 | — | −$6,000 | $642,000 | −$51,977 | — | −$37,000 |
| Financing activities | ||||||||||||
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | −$45,000 | $537,187 | $250,000 | $500,000 | $269,000 | $806,000 | $70,000 | $0 | — | $0 |
| Cash from financing activities | $0 | $0 | −$45,000 | $537,187 | $250,000 | $500,000 | $269,000 | $806,000 | $70,000 | $0 | — | $0 |
| Summary | ||||||||||||
| Net change in cash | −$109,000 | −$250,000 | −$791,000 | $55,000 | $899,000 | −$5,000 | −$311,000 | $613,000 | $43,000 | −$497,000 | −$497,000 | −$686,000 |
| Cash at end of period | $611,000 | $720,000 | $970,000 | $1.8M | $1.7M | $807,000 | $812,000 | $1.1M | $510,000 | $817,000 | $817,000 | $1.3M |
| Free cash flow | −$108,000 | −$292,000 | −$683,000 | −$488,480 | $1.3M | −$1.6M | −$830,000 | −$195,000 | −$680,000 | −$510,569 | −$505,000 | −$724,455 |
| Free cash flow margin | −16.6% | −76.2% | −98.0% | −28.4% | 229.4% | −98.1% | −36.9% | −6.0% | −10.6% | −9.7% | −9.6% | −7.9% |
| Capex / revenue | 0.0% | 0.0% | 76.8% | 0.0% | 104.4% | 38.6% | 0.0% | 0.1% | 0.0% | 0.5% | 0.6% | 0.5% |
| Operating cash flow / net income | — | −2.32 | — | — | — | — | — | — | — | — | — | — |
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.
CNET cash generation
In fiscal 2025 (ended December 31, 2025), ZW Data Action Technologies generated -$0.9 million of cash from operations and spent $0.7 million on capital expenditures, leaving free cash flow of -$1.6 million, −34.5% of revenue. Cash and equivalents rose by $0.2 million over the year.
Related: CNET income statement, CNET balance sheet. See the CNET stock overview for the latest quote and news.
CNET cash flow FAQ
What is ZW Data Action Technologies's free cash flow?
ZW Data Action Technologies's free cash flow was -$1.6 million in fiscal 2025: -$0.9 million of operating cash flow minus $0.7 million of capital expenditures It was -$2.1 million a year earlier..
How much cash does ZW Data Action Technologies generate from operations?
ZW Data Action Technologies generated -$0.9 million of cash from operating activities in fiscal 2025.
How much does ZW Data Action Technologies spend on capital expenditures?
ZW Data Action Technologies spent $0.7 million on capital expenditures in fiscal 2025, 14.4% of revenue, compared with $0.0 million the year before.