Cardiol Therapeutics Inc. (CRDL) Cash Flow Statement
Where CRDL’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- −C$23.9M
- Capital expenditures
- C$24,484
- Free cash flow
- −C$23.9M
- Returned to shareholders
- —
- Change in cash
- −C$9.2M cash at year-end C$21.4M
Cash from operations
−C$23.9M
Shares issued
+C$16.0M
Other financing
−C$442,768
Currency & other
−C$903,901
Change in cash
−C$9.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CRDL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CRDL cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$1.3M2017 | −C$23.9M2025 | — | |
| Capital expenditures | C$29,1712017 | C$24,4842025 | −2.2%/yr | |
| Free cash flow | −C$1.3M2017 | −C$23.9M2025 | — | |
| Free cash flow margin | −11,643.0%2020 | −37,843.0%2021 | −26,200.0 pts | |
| Stock-based compensation | C$2372017 | C$10.7M2025 | +281.7%/yr | |
| Capex / revenue | 51.6%2020 | 20.7%2021 | −30.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CRDL cash flow by activity
OperatingInvestingFinancingChange in cash
CRDL 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).
CRDL cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −C$33.8M | −C$36.7M | −C$28.1M | −C$30.9M | −C$31.6M | −C$20.6M | −C$13.7M | −C$15.9M | −C$1.7M |
| Depreciation & amortization | C$101,983 | C$373,114 | C$248,355 | C$219,908 | C$220,421 | C$229,539 | C$150,572 | C$91,492 | C$53,341 |
| Stock-based compensation | C$10.7M | C$14.3M | C$4.2M | C$5.0M | C$8.5M | C$2.8M | C$3.3M | C$1.7M | C$237 |
| Change in working capital | −C$733,337 | −C$931,565 | −C$545,877 | C$5.7M | C$76,521 | C$8.3M | −C$1.6M | −C$5.2M | C$48,385 |
| Other non-cash items | −C$105,335 | −C$2.1M | −C$911,389 | −C$7.3M | −C$707,307 | C$201,019 | C$507,743 | C$8.5M | C$266,769 |
| Cash from operating activities | −C$23.9M | −C$25.1M | −C$25.2M | −C$27.2M | −C$23.6M | −C$9.1M | −C$11.4M | −C$10.9M | −C$1.3M |
| Investing activities | |||||||||
| Capital expenditures | −C$24,484 | −C$21,290 | −C$64,312 | −C$74,709 | −C$12,916 | −C$40,602 | −C$424,305 | −C$13,791 | −C$29,171 |
| Investments (net) | — | −C$21,290 | −C$101,436 | −C$74,709 | −C$12,916 | −C$40,602 | −C$424,305 | −C$13,791 | −C$29,171 |
| Acquisitions & other investing | C$0 | C$21,290 | C$101,436 | C$74,709 | C$12,916 | C$40,602 | C$424,305 | C$13,791 | C$29,171 |
| Cash from investing activities | −C$24,484 | −C$21,290 | −C$64,312 | −C$74,709 | −C$12,916 | −C$40,602 | −C$424,305 | −C$13,791 | −C$29,171 |
| Financing activities | |||||||||
| Net borrowing (repayment) | −C$55,376 | −C$41,532 | −C$55,376 | −C$53,934 | −C$51,916 | −C$50,472 | −C$20,189 | C$12.1M | C$436,364 |
| Shares issued | C$16.0M | C$21.4M | C$0 | C$62.1M | C$84.1M | C$17.2M | C$1.7M | C$14.2M | C$0 |
| Other financing | −C$442,768 | −C$2.5M | C$0 | −C$62.1M | C$9.4M | −C$904,512 | C$382,150 | −C$1.0M | C$3.2M |
| Cash from financing activities | C$15.5M | C$18.8M | −C$55,376 | −C$53,934 | C$93.4M | C$16.3M | C$2.0M | C$25.3M | C$3.7M |
| Summary | |||||||||
| Net change in cash | −C$9.2M | −C$4.4M | −C$24.5M | −C$24.4M | C$69.9M | C$7.1M | −C$9.8M | C$14.4M | C$2.4M |
| Cash at end of period | C$21.4M | C$30.6M | C$34.9M | C$59.5M | C$83.9M | C$14.0M | C$7.0M | C$16.7M | C$2.4M |
| Free cash flow | −C$23.9M | −C$25.1M | −C$25.2M | −C$27.3M | −C$23.6M | −C$9.2M | −C$11.8M | −C$10.9M | −C$1.3M |
| Free cash flow margin | — | — | — | — | −37,843.0% | −11,643.0% | — | — | — |
| Capex / revenue | — | — | — | — | 20.7% | 51.6% | — | — | — |
| 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 | −C$6.1M | −C$10.8M | −C$7.2M | −C$10.0M | −C$8.4M | −C$8.3M | −C$8.2M | −C$12.7M | −C$6.6M | −C$9.2M | −C$7.6M | −C$5.9M |
| Depreciation & amortization | C$11,546 | C$26,777 | C$25,976 | C$25,551 | C$25,470 | C$24,986 | C$48,493 | C$201,090 | C$61,908 | C$61,623 | C$66,761 | C$64,893 |
| Stock-based compensation | C$2.4M | C$1.8M | C$3.0M | C$4.0M | C$2.5M | C$1.1M | C$3.1M | C$8.4M | C$1.8M | C$902,100 | C$1.0M | C$2.1M |
| Change in working capital | C$777,252 | C$119,414 | −C$630,722 | −C$622,146 | C$671,355 | −C$151,824 | C$990,411 | −C$2.7M | C$782,038 | −C$31,030 | C$1.5M | −C$181,284 |
| Other non-cash items | −C$1.5M | C$1.3M | −C$422,135 | −C$363,740 | C$566,790 | C$113,750 | −C$1.6M | −C$991,104 | −C$834,362 | C$1.3M | −C$1.4M | C$581,259 |
| Cash from operating activities | −C$4.4M | −C$7.5M | −C$5.2M | −C$6.9M | −C$4.6M | −C$7.2M | −C$5.6M | −C$7.8M | −C$4.8M | −C$6.9M | −C$6.5M | −C$3.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$3,031 | −C$47,711 | −C$3,088 | −C$3,018 | −C$6,439 | −C$11,939 | −C$6,159 | −C$7,871 | −C$3,800 | −C$3,460 | −C$10,706 | −C$5,577 |
| Investments (net) | — | — | — | −C$3,018 | −C$6,439 | −C$11,939 | −C$6,159 | −C$7,871 | −C$3,800 | −C$3,460 | −C$10,706 | −C$5,577 |
| Acquisitions & other investing | C$1 | C$5 | C$0 | C$3,018 | C$6,439 | C$11,939 | C$6,159 | C$7,871 | C$3,800 | C$3,460 | — | C$5,577 |
| Cash from investing activities | −C$3,030 | −C$47,706 | −C$3,088 | −C$3,018 | −C$6,439 | −C$11,939 | −C$6,159 | −C$7,871 | −C$3,800 | −C$3,460 | — | −C$5,577 |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | −C$13,844 | −C$13,844 | −C$13,844 | −C$13,844 | −C$13,844 | −C$13,844 | −C$13,844 | −C$4,615 | — | — | — | — |
| Shares issued | C$0 | C$14.9M | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | C$2.5M | −C$1.2M | C$15.6M | C$0 | C$34,260 | C$0 | C$18.7M | C$0 | C$78,084 | C$76,353 | −C$13,844 | −C$13,844 |
| Cash from financing activities | C$2.5M | C$13.6M | C$15.5M | −C$13,844 | C$20,416 | −C$13,844 | C$18.7M | −C$4,615 | C$78,084 | C$76,353 | −C$13,844 | −C$13,844 |
| Summary | ||||||||||||
| Net change in cash | −C$2.2M | C$6.0M | C$9.8M | −C$6.6M | −C$5.1M | −C$7.3M | C$14.7M | −C$8.1M | −C$4.6M | −C$6.4M | −C$6.5M | −C$4.4M |
| Cash at end of period | C$26.1M | C$27.7M | C$21.4M | C$11.6M | C$18.2M | C$23.3M | C$30.6M | C$15.9M | C$24.0M | C$28.6M | C$40.5M | C$40.5M |
| Free cash flow | −C$4.4M | −C$7.6M | −C$5.2M | −C$6.9M | −C$4.6M | −C$7.2M | −C$5.6M | −C$7.8M | −C$4.8M | −C$6.9M | −C$6.5M | −C$3.4M |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
CRDL cash generation
In fiscal 2025 (ended December 31, 2025), Cardiol Therapeutics generated -C$23.9 million of cash from operations and spent C$0.0 million on capital expenditures, leaving free cash flow of -C$23.9 million. Cash and equivalents fell by C$9.2 million over the year.
Related: CRDL income statement, CRDL balance sheet. See the CRDL stock overview for the latest quote and news.
CRDL cash flow FAQ
What is Cardiol Therapeutics's free cash flow?
Cardiol Therapeutics's free cash flow was -C$23.9 million in fiscal 2025: -C$23.9 million of operating cash flow minus C$0.0 million of capital expenditures It was -C$25.1 million a year earlier..
How much cash does Cardiol Therapeutics generate from operations?
Cardiol Therapeutics generated -C$23.9 million of cash from operating activities in fiscal 2025.
How much does Cardiol Therapeutics spend on capital expenditures?
Cardiol Therapeutics spent C$0.0 million on capital expenditures in fiscal 2025, compared with C$0.0 million the year before.