EZGO Technologies Ltd. (EZGO) Cash Flow Statement
Where EZGO’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- −$2.2M
- Capital expenditures
- $2.1M 10.1% of revenue
- Free cash flow
- −$4.3M −20.9% margin
- Returned to shareholders
- —
- Change in cash
- −$3.9M cash at year-end $517,337
Drawn to scale: where the cash came from and how it was used. Hover for values.
EZGO operating cash flow, capex and free cash flow
EZGO cash flow trends, FY2018–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $952,453FY2018 | −$2.2MFY2025 | — | |
| Capital expenditures | $42,073FY2018 | $2.1MFY2025 | +74.5%/yr | |
| Free cash flow | $910,380FY2018 | −$4.3MFY2025 | — | |
| Free cash flow margin | 28.5%FY2018 | −20.9%FY2025 | −49.4 pts | |
| Operating cash flow / net income | 1.33FY2018 | 19.68FY2020 | +18.35 | |
| Stock-based compensation | −$324,231FY2018 | $148,750FY2025 | — | |
| Capex / revenue | 1.3%FY2018 | 10.1%FY2025 | +8.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EZGO cash flow by activity
EZGO 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).
EZGO cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −$9.0M | −$5.7M | −$6.8M | −$6.4M | −$2.9M | $204,550 | $1.5M | $715,564 |
| Depreciation & amortization | $665,828 | $666,672 | $452,383 | $824,664 | $439,044 | $85,680 | $944,036 | $599,045 |
| Stock-based compensation | $148,750 | $379,487 | $1.3M | $440,625 | $0 | $0 | $2.7M | −$324,231 |
| Change in working capital | −$2.2M | −$8.3M | −$7.3M | −$6.6M | −$3.6M | $3.5M | −$8.5M | −$1.1M |
| Other non-cash items | $8.1M | $2.6M | $3.3M | $1.3M | −$137,569 | $230,577 | $634,364 | $1.1M |
| Cash from operating activities | −$2.2M | −$10.3M | −$9.1M | −$10.4M | −$6.3M | $4.0M | −$2.7M | $952,453 |
| Investing activities | ||||||||
| Capital expenditures | −$2.1M | −$4.1M | −$3.3M | −$234,259 | −$6.7M | −$2.3M | −$3.1M | −$42,073 |
| Investments (net) | $1.6M | −$11.2M | −$14.0M | −$4.5M | −$131,321 | −$2.1M | −$2.1M | −$2.1M |
| Acquisitions & other investing | $6,172 | $4.1M | $3.3M | $234,259 | −$4.2M | $1.1M | $4.1M | $2.1M |
| Cash from investing activities | −$495,768 | −$11.2M | −$14.0M | −$4.5M | −$11.0M | −$3.3M | −$1.2M | −$52,834 |
| Financing activities | ||||||||
| Net borrowing (repayment) | −$1.2M | $8.6M | $4.2M | $3.3M | $1.8M | −$3.6M | $5.1M | $400,619 |
| Shares issued | $0 | $0 | $31.8M | $8.0M | $20.9M | $0 | $0 | $0 |
| Other financing | −$8,344 | $0 | $99,634 | $3.0M | $0 | −$377,634 | $2.4M | −$1.3M |
| Cash from financing activities | −$1.2M | $8.6M | $36.2M | $14.2M | $22.8M | −$4.0M | $7.5M | −$892,112 |
| Summary | ||||||||
| Net change in cash | −$3.9M | −$12.8M | $12.8M | −$1.5M | $5.5M | −$3.3M | $3.6M | $27,375 |
| Cash at end of period | $517,337 | $4.4M | $17.3M | $4.4M | $5.9M | $340,530 | $3.6M | $27,375 |
| Free cash flow | −$4.3M | −$14.4M | −$12.4M | −$10.6M | −$13.0M | $1.7M | −$5.8M | $910,380 |
| Free cash flow margin | −20.9% | −79.2% | −135.0% | −60.9% | −55.4% | 11.0% | −112.6% | 28.5% |
| Capex / revenue | 10.1% | 22.6% | 35.6% | 1.3% | 28.7% | 15.4% | 60.6% | 1.3% |
| Operating cash flow / net income | — | — | — | — | — | 19.68 | −1.77 | 1.33 |
| Jun '26 | Sep '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$3.6M | −$8.0M | −$959,525 | −$568,004 | −$2.6M | −$1.6M | −$3.0M | −$2.0M | −$2.0M | −$994,388 | −$4.8M | −$2.4M |
| Depreciation & amortization | $322,245 | $333,479 | $332,349 | $166,175 | $334,305 | $208,558 | $332,367 | $266,475 | $627,056 | $313,528 | $555,918 | $277,959 |
| Stock-based compensation | — | — | $21,250 | $10,625 | $18,750 | $9,375 | $360,738 | $180,369 | $1.1M | $554,232 | $151,876 | $75,938 |
| Change in working capital | −$5.2M | −$3.0M | $813,650 | $438,928 | $1.9M | $122,289 | −$10.2M | −$4.5M | −$542,860 | −$205,794 | −$6.8M | −$3.8M |
| Other non-cash items | $2.2M | $8.3M | −$3,595 | $429,694 | $912,972 | $1.5M | $1.7M | $714,722 | −$129,009 | −$130,362 | $2.7M | $1.8M |
| Cash from operating activities | −$6.3M | −$2.4M | $204,129 | $477,418 | $540,326 | $200,736 | −$10.8M | −$5.4M | −$925,567 | −$462,784 | −$8.2M | −$4.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.2M | −$333,131 | −$1.7M | −$871,228 | −$782,056 | −$391,030 | −$3.3M | −$1.7M | −$3.2M | −$1.6M | −$26,803 | −$13,404 |
| Investments (net) | — | — | — | — | — | — | — | — | — | — | −$4.2M | −$4.2M |
| Acquisitions & other investing | $9.4M | $2.4M | −$777,372 | −$286,932 | $380,013 | −$23,987 | −$7.5M | −$3.5M | −$2.4M | −$1.2M | −$4.0M | $112,411 |
| Cash from investing activities | $8.2M | $2.0M | −$2.5M | −$1.2M | −$402,043 | −$415,017 | −$10.8M | −$5.2M | −$5.7M | −$2.8M | −$8.3M | −$4.1M |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | — | −$398,442 | −$398,442 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.7M | $1.8M | −$3.1M | −$1.5M | $4.2M | $2.1M | $4.4M | $2.3M | $22.6M | $11.3M | $14.0M | $7.2M |
| Cash from financing activities | −$1.7M | $1.8M | −$3.1M | −$1.5M | $4.2M | $2.1M | $4.4M | $2.3M | $22.6M | $11.3M | $13.6M | $6.8M |
| Summary | ||||||||||||
| Net change in cash | $294,515 | $144,775 | −$4.0M | $3.8M | $3.7M | −$657,319 | −$16.6M | −$8.3M | $15.0M | $7.5M | −$2.1M | −$1.1M |
| Cash at end of period | $811,852 | $517,337 | $372,562 | $4.5M | $4.4M | $657,319 | $657,319 | −$8.3M | $17.3M | $7.5M | $2.3M | −$1.1M |
| Free cash flow | −$7.5M | −$2.7M | −$1.5M | −$393,810 | −$241,730 | −$190,294 | −$14.2M | −$7.0M | −$4.2M | −$2.1M | −$8.2M | −$4.1M |
| Free cash flow margin | −117.4% | −19.7% | −23.4% | −12.0% | −2.1% | −3.0% | −208.6% | −163.9% | −38.7% | −38.7% | −159.1% | −159.1% |
| Capex / revenue | 19.1% | 2.4% | 26.5% | 26.5% | 6.8% | 6.2% | 49.1% | 39.0% | 30.1% | 30.1% | 0.5% | 0.5% |
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.
EZGO cash generation
In fiscal 2025 (ended September 30, 2025), EZGO Technologies generated -$2.2 million of cash from operations and spent $2.1 million on capital expenditures, leaving free cash flow of -$4.3 million, −20.9% of revenue. Cash and equivalents fell by $3.9 million over the year.
Related: EZGO income statement, EZGO balance sheet. See the EZGO stock overview for the latest quote and news.
EZGO cash flow FAQ
What is EZGO Technologies's free cash flow?
EZGO Technologies's free cash flow was -$4.3 million in fiscal 2025: -$2.2 million of operating cash flow minus $2.1 million of capital expenditures It was -$14.4 million a year earlier..
How much cash does EZGO Technologies generate from operations?
EZGO Technologies generated -$2.2 million of cash from operating activities in fiscal 2025.
How much does EZGO Technologies spend on capital expenditures?
EZGO Technologies spent $2.1 million on capital expenditures in fiscal 2025, 10.1% of revenue, compared with $4.1 million the year before.