Evolution Metals & Technologies Corp. (EMAT) Cash Flow Statement
Where EMAT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$1.3M
- Capital expenditures
- $0
- Free cash flow
- −$1.3M
- Returned to shareholders
- $5.9M
- Change in cash
- $2,837 cash at year-end $4,022
Drawn to scale: where the cash came from and how it was used. Hover for values.
EMAT operating cash flow, capex and free cash flow
EMAT cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$260,8242021 | −$1.3M2025 | — | |
| Capital expenditures | $52021 | $02025 | −100.0% | |
| Free cash flow | −$260,8202021 | −$1.3M2025 | — | |
| Share buybacks (net) | $58.4M2023 | $5.9M2025 | −68.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EMAT cash flow by activity
EMAT 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).
EMAT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −$1.8M | −$899,927 | −$7.6M | −$2.4M | −$68,604 |
| Depreciation & amortization | — | — | $16,671 | — | — |
| Change in working capital | $751,279 | $236,023 | −$1.0M | $2.5M | −$192,210 |
| Other non-cash items | −$290,125 | −$795,359 | $0 | −$822,745 | −$10 |
| Cash from operating activities | −$1.3M | −$1.5M | −$8.6M | −$677,892 | −$260,824 |
| Investing activities | |||||
| Capital expenditures | $0 | −$3 | −$12.1M | $0 | −$5 |
| Acquisitions & other investing | $6.1M | $12.3M | $0 | −$3.8M | −$75.0M |
| Cash from investing activities | $6.1M | $12.3M | −$12.1M | −$3.8M | −$75.0M |
| Financing activities | |||||
| Share repurchases & issuance (net) | −$5.9M | −$12.2M | −$58.4M | — | — |
| Net borrowing (repayment) | $1.1M | $1.2M | $20.7M | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $58.4M | $3.8M | $76.5M |
| Cash from financing activities | −$4.7M | −$11.0M | $20.7M | $3.8M | $76.5M |
| Summary | |||||
| Net change in cash | $2,837 | −$5,575 | −$59,447 | −$891,075 | $1.2M |
| Cash at end of period | $4,022 | $1,185 | $5,935 | $309,881 | $1.2M |
| Free cash flow | −$1.3M | −$1.5M | −$20.8M | −$677,890 | −$260,820 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$11.9M | −$440.3M | −$312,349 | −$435,675 | −$520,976 | −$520,441 | −$653,798 | −$80,697 | −$95,272 | −$14,942 | $164,293 | $26,528 |
| Depreciation & amortization | $289,000 | $252,000 | — | — | $0 | $0 | — | — | — | — | — | — |
| Stock-based compensation | $1.9M | — | — | — | — | — | — | — | — | — | — | — |
| Change in working capital | −$681,000 | $8.0M | $212,696 | $326,063 | $93,658 | $118,862 | $219,809 | −$100,222 | $159,332 | −$318,652 | −$3,265 | −$42.3M |
| Other non-cash items | $1.1M | $426.5M | −$155,890 | $1,952 | −$62,830 | −$73,357 | −$95,498 | −$180,541 | −$258,639 | −$313,557 | −$507,906 | −$502,106 |
| Cash from operating activities | −$9.2M | −$5.6M | −$255,543 | −$107,660 | −$490,148 | −$474,936 | −$529,487 | −$361,460 | −$194,579 | −$647,151 | −$346,878 | −$42.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$7.7M | −$24,000 | −$3 | $0 | $0 | −$4 | −$3 | $0 | $0 | $0 | $0 | −$3 |
| Investments (net) | $11,000 | −$2,000 | — | — | $474,000 | −$474,000 | — | — | — | — | — | — |
| Acquisitions & other investing | −$668,999 | $1.0M | — | $5.9M | −$270,138 | — | $81,203 | $12.2M | $19,173 | $16.2M | −$150,834 | $42.2M |
| Cash from investing activities | −$8.4M | $1.0M | — | $5.9M | $203,862 | — | $81,200 | $12.2M | $19,173 | $16.2M | −$150,834 | $42.2M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | −$5.9M | — | — | — | −$12.2M | — | −$15.7M | — | — |
| Net borrowing (repayment) | $18.9M | $259,000 | — | — | $0 | $0 | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $1.5M | $5.5M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$693,000 | −$2.0M | $259,565 | $106,949 | −$1.2M | −$5.1M | $448,287 | $192,069 | $177,773 | $65,000 | $734,934 | $375,000 |
| Cash from financing activities | $18.2M | −$1.7M | $259,565 | −$5.8M | $286,259 | $474,489 | $448,287 | −$12.0M | $177,773 | −$15.7M | $734,934 | $375,000 |
| Summary | ||||||||||||
| Net change in cash | −$135,000 | −$6.3M | $4,022 | −$711 | −$27 | −$447 | — | −$1,379 | −$4,196 | −$87,819 | $94,371 | −$137,388 |
| Cash at end of period | $5.3M | $5.4M | $4,022 | $11.7M | $711 | $738 | $1,185 | $1,185 | $2,564 | $6,760 | $94,579 | $208 |
| Free cash flow | −$17.0M | −$5.6M | −$255,540 | −$107,660 | −$490,150 | −$474,940 | −$529,490 | −$361,460 | −$194,580 | −$647,150 | −$346,880 | −$42.8M |
| Free cash flow margin | −1,036.7% | −297.7% | — | — | — | — | — | — | — | — | — | — |
| Capex / revenue | 471.4% | 1.3% | — | — | — | — | — | — | — | — | — | — |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | — | −2.11 | −1,614.06 |
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.
EMAT cash generation
In fiscal 2025 (ended December 31, 2025), Evolution Metals & Technologies generated -$1.3 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$1.3 million. It returned $5.9 million to shareholders through dividends ($0) and net share buybacks ($5.9 million). Cash and equivalents rose by $0.0 million over the year.
Related: EMAT income statement, EMAT balance sheet. See the EMAT stock overview for the latest quote and news.
EMAT cash flow FAQ
What is Evolution Metals & Technologies's free cash flow?
Evolution Metals & Technologies's free cash flow was -$1.3 million in fiscal 2025: -$1.3 million of operating cash flow minus $0 of capital expenditures It was -$1.5 million a year earlier..
How much cash does Evolution Metals & Technologies generate from operations?
Evolution Metals & Technologies generated -$1.3 million of cash from operating activities in fiscal 2025.
How much stock does Evolution Metals & Technologies buy back?
Evolution Metals & Technologies spent $5.9 million on net share repurchases in fiscal 2025.