Elevai Labs, Inc. (ELAB) Cash Flow Statement
Where ELAB’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$5.9M
- Capital expenditures
- $448,255 76.0% of revenue
- Free cash flow
- −$6.4M −1,081.6% margin
- Returned to shareholders
- $179
- Change in cash
- $1.4M cash at year-end $5.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ELAB operating cash flow, capex and free cash flow
ELAB cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$217,1642020 | −$5.9M2025 | — | |
| Capital expenditures | $02020 | $448,2552025 | — | |
| Free cash flow | −$217,1642020 | −$6.4M2025 | — | |
| Free cash flow margin | −83,847.2%2021 | −1,081.6%2025 | +82,765.6 pts | |
| Stock-based compensation | $142,3552021 | −$19,1602025 | — | |
| Share buybacks (net) | $02024 | $1792025 | — | |
| Capex / revenue | 3,927.7%2021 | 76.0%2025 | −3,851.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ELAB cash flow by activity
ELAB 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).
ELAB cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −$7.7M | −$6.2M | −$4.3M | −$1.8M | −$784,739 | −$222,910 |
| Depreciation & amortization | $110,503 | $12,950 | $11,649 | $6,512 | $2,757 | — |
| Stock-based compensation | −$19,160 | $97,167 | $487,738 | $171,869 | $142,355 | — |
| Change in working capital | $588,120 | $251,666 | −$823,190 | $12,433 | −$21,907 | $6,787 |
| Other non-cash items | $1.1M | $396,974 | $68,509 | $23,578 | $600 | −$1,041 |
| Cash from operating activities | −$5.9M | −$5.5M | −$4.6M | −$1.6M | −$660,934 | −$217,164 |
| Investing activities | ||||||
| Capital expenditures | −$448,255 | −$9,160 | −$11,191 | −$35,527 | −$32,482 | $0 |
| Investments (net) | −$26,843 | −$610,564 | −$11,191 | −$32,027 | −$32,482 | — |
| Acquisitions & other investing | −$2.3M | $9,160 | $11,191 | $35,527 | $32,482 | — |
| Cash from investing activities | −$2.8M | −$610,564 | −$11,191 | −$32,027 | −$32,482 | — |
| Financing activities | ||||||
| Share repurchases & issuance (net) | −$179 | $0 | — | — | — | — |
| Net borrowing (repayment) | $0 | −$235,558 | $0 | $183,970 | $0 | — |
| Shares issued | $2.9M | $7.0M | $7.5M | $2.2M | $1.1M | $0 |
| Other financing | $7.2M | $0 | −$724,695 | $25,000 | $0 | $238,284 |
| Cash from financing activities | $10.1M | $6.8M | $6.7M | $2.4M | $1.1M | $238,284 |
| Summary | ||||||
| Net change in cash | $1.4M | $657,602 | $2.2M | $743,043 | $398,507 | $19,613 |
| Cash at end of period | $5.4M | $4.0M | $3.3M | $1.2M | $411,858 | $19,613 |
| Free cash flow | −$6.4M | −$5.5M | −$4.6M | −$1.6M | −$693,416 | −$217,164 |
| Free cash flow margin | −1,081.6% | −222.4% | −266.7% | −211.6% | −83,847.2% | — |
| Capex / revenue | 76.0% | 0.4% | 0.7% | 4.6% | 3,927.7% | — |
| 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 | −$2.9M | $5.9M | −$3.0M | −$2.6M | −$562,355 | −$1.6M | −$1.9M | −$1.5M | −$1.4M | −$1.4M | −$1.2M | −$783,047 |
| Depreciation & amortization | $305,403 | $173,904 | $59,757 | $35,284 | $21 | $1,601 | $3,235 | $3,238 | $24,772 | $21,188 | $2,912 | $2,912 |
| Stock-based compensation | $174,545 | −$23,836 | $10,657 | $13,179 | $15,842 | −$58,838 | $39,646 | $47,037 | −$44,855 | $55,339 | $141,190 | $161,480 |
| Change in working capital | $1.2M | $77,743 | $503,235 | $632,885 | −$405,318 | −$142,682 | −$142,410 | $484,666 | $656,120 | −$746,710 | −$993,859 | $113,138 |
| Other non-cash items | −$733,425 | −$9.1M | $659,034 | $422,805 | −$394,488 | $460,958 | $33,723 | $584,638 | −$4,235 | −$256,635 | −$380,477 | −$8,882 |
| Cash from operating activities | −$2.0M | −$3.0M | −$1.8M | −$1.5M | −$1.3M | −$1.3M | −$2.0M | −$381,678 | −$780,689 | −$2.3M | −$2.4M | −$514,399 |
| Investing activities | ||||||||||||
| Capital expenditures | −$27,569 | −$363,085 | −$346,661 | −$95,594 | −$2 | −$4 | −$300,000 | −$50,000 | −$62,320 | −$59,160 | −$59,160 | $0 |
| Investments (net) | $113,783 | −$100,613 | $290,988 | −$2.2M | $196,840 | −$215,319 | −$439,084 | −$50,000 | −$62,320 | −$59,160 | −$59,160 | $0 |
| Acquisitions & other investing | −$3.8M | −$2.0M | −$492,969 | $95,594 | $2 | $4 | $300,000 | $50,000 | $62,320 | $59,160 | — | — |
| Cash from investing activities | −$3.7M | −$2.5M | −$548,642 | −$2.2M | $196,840 | −$215,319 | −$439,084 | −$50,000 | −$62,320 | −$59,160 | — | — |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $0 | $0 | $179 | $179 | $0 | −$179 | — | $0 | $0 | $0 | — | — |
| Net borrowing (repayment) | −$148,750 | −$21,250 | $0 | $0 | $0 | $0 | $0 | — | — | — | — | — |
| Shares issued | $891,507 | $0 | $0 | $0 | $1.5M | $1.5M | $0 | $7.0M | $0 | $0 | $6.0M | $6.0M |
| Other financing | $8.7M | $14.4M | −$180 | $5.7M | −$51,854 | $1.5M | −$1 | −$235,558 | $0 | $0 | −$762,195 | −$5.6M |
| Cash from financing activities | $9.5M | $14.4M | −$1 | $5.7M | $1.5M | $2.9M | −$1 | $6.8M | $0 | $0 | $5.2M | $389,997 |
| Summary | ||||||||||||
| Net change in cash | $3.8M | $9.0M | −$2.3M | $2.0M | $318,194 | $1.4M | −$2.4M | $6.3M | −$843,763 | −$2.4M | $2.8M | −$124,410 |
| Cash at end of period | $18.1M | $14.4M | $5.4M | $7.7M | $5.7M | $5.4M | $4.0M | $6.4M | $100,034 | $943,797 | $3.3M | $476,855 |
| Free cash flow | −$2.0M | −$3.3M | −$2.1M | −$1.6M | −$1.3M | −$1.3M | −$2.3M | −$431,678 | −$843,009 | −$2.4M | −$2.4M | −$514,399 |
| Free cash flow margin | −150.0% | −490.1% | −689.4% | −554.6% | — | −884.2% | — | −81.8% | −139.2% | −387.8% | −341.9% | −92.7% |
| Capex / revenue | 2.1% | 53.2% | 114.0% | 33.4% | — | 0.0% | — | 9.5% | 10.3% | 9.6% | 8.5% | 0.0% |
| Operating cash flow / net income | — | −0.50 | — | — | — | — | — | — | — | — | — | — |
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.
ELAB cash generation
In fiscal 2025 (ended December 31, 2025), Elevai Labs generated -$5.9 million of cash from operations and spent $0.4 million on capital expenditures, leaving free cash flow of -$6.4 million, −1,081.6% of revenue. It returned $0.0 million to shareholders through dividends ($0) and net share buybacks ($0.0 million). Cash and equivalents rose by $1.4 million over the year.
Related: ELAB income statement, ELAB balance sheet. See the ELAB stock overview for the latest quote and news.
ELAB cash flow FAQ
What is Elevai Labs's free cash flow?
Elevai Labs's free cash flow was -$6.4 million in fiscal 2025: -$5.9 million of operating cash flow minus $0.4 million of capital expenditures It was -$5.5 million a year earlier..
How much cash does Elevai Labs generate from operations?
Elevai Labs generated -$5.9 million of cash from operating activities in fiscal 2025.
How much does Elevai Labs spend on capital expenditures?
Elevai Labs spent $0.4 million on capital expenditures in fiscal 2025, 76.0% of revenue, compared with $0.0 million the year before.
How much stock does Elevai Labs buy back?
Elevai Labs spent $0.0 million on net share repurchases in fiscal 2025.