Electra Battery Materials Corporation (ELBM) Cash Flow Statement
Where ELBM’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- −C$15.9M
- Capital expenditures
- C$4.5M
- Free cash flow
- −C$20.4M
- Returned to shareholders
- —
- Change in cash
- C$35.4M cash at year-end C$39.0M
Cash from operations
−C$15.9M
Capital expenditures
−C$4.5M
Net borrowing (repayment)
−C$77,000
Shares issued
+C$50.8M
Other financing
+C$5.0M
Currency & other
+C$183,823
Change in cash
C$35.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ELBM operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ELBM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$1.4M2016 | −C$15.9M2025 | — | |
| Capital expenditures | C$164,9632016 | C$4.5M2025 | +44.3%/yr | |
| Free cash flow | −C$1.6M2016 | −C$20.4M2025 | — | |
| Stock-based compensation | C$1.0M2016 | C$1.7M2025 | +6.0%/yr | |
| Dividends paid | C$02021 | C$02025 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ELBM cash flow by activity
OperatingInvestingFinancingChange in cash
ELBM 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).
ELBM cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −C$133.4M | −C$29.4M | −C$64.7M | C$12.6M | −C$34.9M | −C$2.4M | −C$116.4M | −C$26.8M | −C$10.1M | −C$2.3M |
| Depreciation & amortization | C$96,000 | C$65,000 | C$56,000 | C$48,000 | C$2,000 | C$2,000 | C$214 | C$461,300 | C$493,237 | — |
| Stock-based compensation | C$1.7M | C$1.8M | C$1.8M | C$1.3M | C$731,000 | C$689,636 | C$1.4M | C$4.0M | C$1.7M | C$1.0M |
| Change in working capital | C$3.4M | −C$5.7M | −C$9.4M | −C$1.1M | C$216,000 | C$794,000 | −C$2.1M | −C$1.2M | −C$145,008 | −C$408,586 |
| Other non-cash items | C$112.3M | C$16.3M | C$49.1M | −C$28.6M | C$17.1M | −C$4.8M | C$108.1M | −C$1.4M | C$468,130 | C$223,145 |
| Cash from operating activities | −C$15.9M | −C$17.0M | −C$23.0M | −C$15.8M | −C$16.9M | −C$5.7M | −C$9.1M | −C$24.9M | −C$7.6M | −C$1.4M |
| Investing activities | ||||||||||
| Capital expenditures | −C$4.5M | −C$555,000 | −C$13.7M | −C$47.6M | −C$2.1M | −C$2.1M | −C$307,256 | −C$2.3M | −C$1.4M | −C$164,963 |
| Investments (net) | C$17,000 | C$1.3M | −C$23.5M | −C$43.6M | C$152,000 | C$152,000 | C$2.7M | −C$1.3M | −C$1.3M | — |
| Acquisitions & other investing | −C$15 | C$555,000 | C$23.1M | C$47.6M | −C$6.1M | C$2.0M | −C$116,672 | C$1.2M | C$3.1M | −C$535,000 |
| Cash from investing activities | −C$4.5M | C$1.3M | −C$14.0M | −C$43.6M | −C$8.1M | C$12,000 | C$2.2M | −C$2.4M | C$382,167 | −C$699,963 |
| Financing activities | ||||||||||
| Dividends paid | C$0 | C$0 | C$0 | C$0 | C$0 | — | — | — | — | — |
| Net borrowing (repayment) | −C$77,000 | C$10.7M | C$20.6M | C$3.9M | C$57.7M | C$57.7M | C$6.6M | C$6.6M | C$6.6M | — |
| Shares issued | C$50.8M | C$1.2M | C$26.9M | C$6.8M | C$18.3M | C$4.4M | C$1.6M | C$452,428 | C$0 | C$0 |
| Other financing | C$5.0M | C$0 | −C$11.0M | −C$2.2M | C$3.0M | −C$56.6M | C$0 | −C$6.5M | C$25.2M | C$7.5M |
| Cash from financing activities | C$55.6M | C$11.9M | C$36.5M | C$8.5M | C$78.9M | C$5.5M | C$8.2M | C$518,928 | C$31.7M | C$7.5M |
| Summary | ||||||||||
| Net change in cash | C$35.4M | −C$3.8M | −C$392,000 | −C$50.7M | C$54.5M | −C$246,000 | C$1.2M | −C$26.6M | C$29.8M | C$5.3M |
| Cash at end of period | C$39.0M | C$3.7M | C$7.6M | C$8.0M | C$58.6M | C$4.2M | C$4.4M | C$3.3M | C$29.8M | C$5.3M |
| Free cash flow | −C$20.4M | −C$17.6M | −C$36.8M | −C$63.5M | −C$19.0M | −C$5.7M | −C$9.4M | −C$27.2M | −C$9.0M | −C$1.6M |
| Operating cash flow / net income | — | — | — | −1.26 | — | — | — | — | — | — |
| 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$9.0M | C$28.2M | −C$114.0M | −C$3.4M | −C$2.0M | −C$12.7M | −C$8.7M | −C$2.8M | −C$5.8M | −C$12.2M | −C$45.5M | −C$9.2M |
| Depreciation & amortization | C$33,000 | C$32,000 | C$53,000 | C$14,000 | C$15,000 | C$14,000 | C$22,000 | C$14,000 | C$15,000 | C$14,000 | C$14,000 | C$12,000 |
| Stock-based compensation | C$159,000 | C$1.0M | C$892,000 | C$212,000 | C$252,000 | C$351,000 | C$465,000 | C$323,000 | C$285,000 | C$561,000 | C$365,000 | C$317,000 |
| Change in working capital | −C$321,139 | −C$1.4M | −C$132,000 | C$1.6M | −C$1.4M | C$3.3M | −C$2.6M | −C$599,000 | −C$873,000 | −C$1.6M | −C$2.3M | −C$9.5M |
| Other non-cash items | −C$12.6M | −C$31.9M | C$104.2M | C$27,412 | −C$1.4M | C$8.8M | C$4.7M | C$162,000 | C$2.5M | C$9.1M | C$41.4M | C$6.4M |
| Cash from operating activities | −C$3.7M | −C$4.1M | −C$9.0M | −C$1.6M | −C$4.5M | −C$173,000 | −C$6.1M | −C$2.9M | −C$3.9M | −C$4.1M | −C$6.0M | −C$12.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$4.1M | −C$3.5M | −C$3.4M | −C$295,098 | −C$367,000 | −C$335,000 | −C$229,000 | −C$61,000 | −C$300,000 | −C$565,000 | C$0 | −C$523,000 |
| Investments (net) | C$0 | C$0 | C$0 | −C$407,000 | −C$367,000 | −C$322,000 | C$89,000 | C$429,000 | C$1.0M | −C$66,000 | −C$1.5M | C$765,000 |
| Acquisitions & other investing | C$2 | C$2 | C$0 | C$409,872 | C$367,000 | C$335,000 | — | C$61,000 | C$300,000 | C$565,000 | — | C$523,000 |
| Cash from investing activities | −C$4.1M | −C$3.5M | −C$3.4M | −C$292,226 | −C$367,000 | −C$322,000 | — | C$429,000 | C$1.0M | −C$66,000 | — | C$765,000 |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | −C$1.1M | — | — |
| Net borrowing (repayment) | −C$17,000 | −C$14,000 | −C$2.7M | C$2.7M | −C$61,000 | −C$22,000 | C$5.5M | C$970,000 | — | — | — | — |
| Shares issued | C$0 | C$6.3M | C$46.1M | C$1,000 | C$4.7M | C$0 | C$1.2M | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | C$3.6M | C$2.5M | C$5.0M | −C$773,526 | C$0 | C$0 | C$0 | C$0 | C$2.0M | C$3.4M | −C$50,000 | C$20.1M |
| Cash from financing activities | C$3.5M | C$8.8M | C$48.4M | C$2.0M | C$4.6M | −C$22,000 | C$6.7M | C$970,000 | C$2.0M | C$2.3M | −C$50,000 | C$20.1M |
| Summary | ||||||||||||
| Net change in cash | −C$5.1M | C$633,903 | C$36.0M | C$35,711 | −C$290,000 | −C$500,000 | C$473,000 | −C$1.5M | −C$847,000 | −C$1.9M | −C$7.6M | C$8.8M |
| Cash at end of period | C$35.9M | C$40.3M | C$39.0M | C$2.2M | C$2.9M | C$3.2M | C$3.7M | C$3.3M | C$4.8M | C$5.6M | C$7.6M | C$15.1M |
| Free cash flow | −C$7.8M | −C$7.6M | −C$12.4M | −C$1.9M | −C$4.9M | −C$508,000 | −C$6.3M | −C$3.0M | −C$3.5M | −C$4.7M | −C$5.5M | −C$11.5M |
| Operating cash flow / net income | −0.41 | −0.14 | — | — | — | — | — | — | — | — | — | — |
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.
ELBM cash generation
In fiscal 2025 (ended December 31, 2025), Electra Battery Materials generated -C$15.9 million of cash from operations and spent C$4.5 million on capital expenditures, leaving free cash flow of -C$20.4 million. Cash and equivalents rose by C$35.4 million over the year.
Related: ELBM income statement, ELBM balance sheet. See the ELBM stock overview for the latest quote and news.
ELBM cash flow FAQ
What is Electra Battery Materials's free cash flow?
Electra Battery Materials's free cash flow was -C$20.4 million in fiscal 2025: -C$15.9 million of operating cash flow minus C$4.5 million of capital expenditures It was -C$17.6 million a year earlier..
How much cash does Electra Battery Materials generate from operations?
Electra Battery Materials generated -C$15.9 million of cash from operating activities in fiscal 2025.
How much does Electra Battery Materials spend on capital expenditures?
Electra Battery Materials spent C$4.5 million on capital expenditures in fiscal 2025, compared with C$0.6 million the year before.