HWH International Inc. (HWH) Cash Flow Statement
Where HWH’s cash came from and went, FY2025
November 30, 2025 · U.S. dollars- Cash from operations
- −$2.0M
- Capital expenditures
- $19,466 2.2% of revenue
- Free cash flow
- −$2.0M −229.4% margin
- Returned to shareholders
- —
- Change in cash
- −$2.3M cash at year-end $2.1M
Cash from operations
−$2.0M
Capital expenditures
−$19,466
Investments (net)
−$85,872
Acquisitions & other
−$1.1M
Net borrowing (repayment)
−$491,352
Shares issued
+$1.4M
Other financing
+$16,083
Currency & other
−$32,962
Change in cash
−$2.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HWH operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
HWH cash flow trends, FY2020–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.2MFY2020 | −$2.0MFY2025 | — | |
| Capital expenditures | $9,208FY2020 | $19,466FY2025 | +16.2%/yr | |
| Free cash flow | $1.2MFY2020 | −$2.0MFY2025 | — | |
| Free cash flow margin | 39.3%FY2020 | −229.4%FY2025 | −268.6 pts | |
| Operating cash flow / net income | 1.97FY2020 | −2.77FY2023 | −4.74 | |
| Stock-based compensation | $1.2MFY2021 | −$325,000FY2024 | — | |
| Share buybacks (net) | $0FY2022 | $0FY2025 | — | |
| Capex / revenue | 0.3%FY2020 | 2.2%FY2025 | +2.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HWH cash flow by activity
OperatingInvestingFinancingChange in cash
HWH 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).
HWH cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −$2.6M | −$2.7M | $548,873 | $113,541 | $1.3M | $632,108 |
| Depreciation & amortization | $19,646 | $48,172 | $58,006 | $375,629 | $269,122 | $90,461 |
| Stock-based compensation | — | −$325,000 | — | — | $1.2M | — |
| Change in working capital | −$947,776 | −$442,644 | $147,272 | $357,498 | $524,272 | −$2.0M |
| Other non-cash items | $1.6M | $1.7M | −$2.3M | −$1.4M | −$2.7M | $2.5M |
| Cash from operating activities | −$2.0M | −$1.7M | −$1.5M | −$514,070 | $660,015 | $1.2M |
| Investing activities | ||||||
| Capital expenditures | −$19,466 | −$30,395 | −$4 | −$166,855 | −$39,088 | −$9,208 |
| Investments (net) | −$85,872 | $20.5M | $69.1M | $295,498 | $599,161 | — |
| Acquisitions & other investing | −$1.1M | $30,395 | $4 | −$87.3M | $39,088 | $6,828 |
| Cash from investing activities | −$1.2M | $20.5M | $69.1M | −$87.1M | $599,161 | −$2,380 |
| Financing activities | ||||||
| Share repurchases & issuance (net) | $0 | −$21.1M | −$68.4M | $0 | — | — |
| Net borrowing (repayment) | −$491,352 | −$85,061 | $205,305 | — | — | — |
| Shares issued | $1.4M | $3.6M | $155,763 | $89.3M | $0 | $0 |
| Other financing | $16,083 | $2.0M | −$155,763 | −$500,348 | $50,000 | — |
| Cash from financing activities | $934,714 | −$15.6M | −$68.1M | $88.8M | $50,000 | — |
| Summary | ||||||
| Net change in cash | −$2.3M | $3.8M | −$586,927 | $1.1M | $1.1M | $1.6M |
| Cash at end of period | $2.1M | $4.3M | $585,654 | $1.2M | $2.7M | $1.6M |
| Free cash flow | −$2.0M | −$1.8M | −$1.5M | −$514,070 | $620,927 | $1.2M |
| Free cash flow margin | −229.4% | −141.9% | −183.0% | −42.7% | 12.6% | 39.3% |
| Capex / revenue | 2.2% | 2.4% | 0.0% | 13.9% | 0.8% | 0.3% |
| Operating cash flow / net income | — | — | −2.77 | −4.53 | 0.50 | 1.97 |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | Aug '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $211,965 | −$626,197 | −$1.9M | −$291,004 | $83,389 | −$565,131 | −$317,478 | −$548,492 | −$387,923 | −$1.3M | −$231,010 | −$176,025 |
| Depreciation & amortization | $2,046 | $2,091 | $1,624 | $16,219 | $3,382 | $3,282 | $2,643 | $15,320 | $15,566 | $14,643 | — | — |
| Stock-based compensation | — | — | — | — | — | −$325,000 | — | −$325,000 | — | — | — | — |
| Change in working capital | $505,201 | −$71,493 | −$881,393 | −$347,402 | $368,628 | −$87,609 | −$212,671 | −$103,946 | −$229,075 | $128,015 | $275,393 | −$32,890 |
| Other non-cash items | −$241,204 | $503,060 | $1.8M | $203,681 | −$428,490 | $419,125 | $271,580 | $783,200 | $110,602 | $555,970 | −$274,885 | −$264,876 |
| Cash from operating activities | $478,008 | −$192,539 | −$1.0M | −$418,506 | $26,909 | −$555,333 | −$255,926 | −$178,918 | −$490,830 | −$638,210 | −$230,502 | −$473,791 |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$761 | −$87 | −$18,004 | −$1,369 | −$3 | −$291 | −$2,082 | −$25,950 | −$2,070 | −$2 | −$1 |
| Investments (net) | −$100,955 | −$19,650 | $122,061 | −$273,758 | −$441,523 | −$300,000 | $632 | −$103,046 | $20.8M | −$252,072 | — | — |
| Acquisitions & other investing | $2 | −$285,005 | — | $18,004 | $1,369 | $3 | — | $2,082 | $25,950 | $2,070 | $13,002 | −$34,472 |
| Cash from investing activities | −$100,953 | −$305,416 | — | −$273,758 | −$441,523 | −$300,000 | — | −$103,046 | $20.8M | −$252,072 | $13,000 | −$34,473 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | $0 | — | — | −$1 | −$1 | −$68,351 | −$21.1M | — | — | — |
| Net borrowing (repayment) | −$496,244 | −$7,745 | −$235,959 | −$501 | −$7,592 | −$247,300 | −$2,682 | −$11,185 | — | — | — | — |
| Shares issued | $500,000 | $0 | $0 | $0 | $0 | $1.4M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$344,296 | −$140,687 | −$32,634 | $624,951 | −$69,780 | −$506,453 | $3.7M | $416,185 | $610,961 | $749,948 | −$9,137 | $100,748 |
| Cash from financing activities | −$340,540 | −$148,432 | −$268,593 | $624,450 | −$77,372 | $656,229 | $3.6M | $336,649 | −$20.5M | $749,948 | −$9,137 | $100,748 |
| Summary | ||||||||||||
| Net change in cash | $46,237 | −$626,119 | −$1.5M | −$831,901 | −$446,673 | −$165,200 | $3.4M | $11,015 | −$153,279 | $388,978 | −$226,639 | −$407,516 |
| Cash at end of period | $1.5M | $1.5M | $2.1M | $2.9M | $3.7M | $4.2M | $4.3M | $832,368 | $821,353 | $974,632 | $585,654 | $812,293 |
| Free cash flow | $478,010 | −$193,300 | −$1.0M | −$436,510 | $25,540 | −$555,330 | −$256,217 | −$181,000 | −$516,780 | −$640,280 | −$230,500 | −$473,790 |
| Free cash flow margin | 744.6% | −301.1% | −1,873.3% | −211.1% | 8.2% | −188.1% | −89.3% | −52.4% | −154.3% | −223.8% | −110.9% | −208.8% |
| Capex / revenue | 0.0% | 1.2% | 0.2% | 8.7% | 0.4% | 0.0% | 0.1% | 0.6% | 7.7% | 0.7% | 0.0% | 0.0% |
| Operating cash flow / net income | 2.26 | — | — | — | 0.32 | — | — | — | — | — | — | — |
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.
HWH cash generation
In fiscal 2025 (ended November 30, 2025), HWH International generated -$2.0 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$2.0 million, −229.4% of revenue. Cash and equivalents fell by $2.3 million over the year.
Related: HWH income statement, HWH balance sheet. See the HWH stock overview for the latest quote and news.
HWH cash flow FAQ
What is HWH International's free cash flow?
HWH International's free cash flow was -$2.0 million in fiscal 2025: -$2.0 million of operating cash flow minus $0.0 million of capital expenditures It was -$1.8 million a year earlier..
How much cash does HWH International generate from operations?
HWH International generated -$2.0 million of cash from operating activities in fiscal 2025.
How much does HWH International spend on capital expenditures?
HWH International spent $0.0 million on capital expenditures in fiscal 2025, 2.2% of revenue, compared with $0.0 million the year before.