ImmuCell Corporation (ICCC) Cash Flow Statement
Where ICCC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.5M +591.6% vs 2024
- Capital expenditures
- $1.3M 4.5% of revenue
- Free cash flow
- $1.2M 4.4% margin
- Returned to shareholders
- —
- Change in cash
- $48,599 cash at year-end $3.8M
Cash from operations
$2.5M
Capital expenditures
−$1.3M
Acquisitions & other
+$36,132
Net borrowing (repayment)
−$1.5M
Shares issued
+$349,326
Other financing
−$82,510
Change in cash
$48,599
Drawn to scale: where the cash came from and how it was used. Hover for values.
ICCC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ICCC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$323,9022016 | $2.5M2025 | — | |
| Capital expenditures | $3.6M2016 | $1.3M2025 | −11.0%/yr | |
| Free cash flow | −$3.9M2016 | $1.2M2025 | — | |
| Free cash flow margin | −41.0%2016 | 4.4%2025 | +45.4 pts | |
| Stock-based compensation | $67,3992016 | $295,8712025 | +17.9%/yr | |
| Dividends paid | $02016 | $02017 | — | |
| Share buybacks (net) | $02016 | $02020 | — | |
| Capex / revenue | 37.6%2016 | 4.5%2025 | −33.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ICCC cash flow by activity
OperatingInvestingFinancingChange in cash
ICCC 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).
ICCC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$1.0M | −$2.2M | −$5.8M | −$2.5M | −$78,292 | −$1.0M | −$1.3M | −$2.3M | −$168,147 | $508,448 |
| Depreciation & amortization | $2.7M | $2.7M | $2.7M | $2.5M | $2.5M | $2.3M | $2.3M | $1.5M | $904,435 | $802,379 |
| Stock-based compensation | $295,871 | $326,000 | $368,866 | $266,244 | $144,313 | $253,135 | $313,144 | $344,016 | $199,783 | $67,399 |
| Change in working capital | −$2.1M | −$406,516 | −$2.1M | −$1.8M | −$1.6M | $532,261 | −$1.1M | $302,663 | $532,919 | −$2.0M |
| Other non-cash items | $2.5M | −$91,762 | $126,443 | $28,800 | $49,520 | −$794,984 | $44,129 | −$219,123 | −$293,167 | $273,799 |
| Cash from operating activities | $2.5M | $357,903 | −$4.7M | −$1.5M | $954,170 | $1.3M | $233,511 | −$373,404 | $1.2M | −$323,902 |
| Investing activities | ||||||||||
| Capital expenditures | −$1.3M | −$465,725 | −$1.9M | −$4.0M | −$2.6M | −$4.1M | −$1.4M | −$2.0M | −$17.8M | −$3.6M |
| Investments (net) | — | −$461,225 | −$3.4M | −$4.0M | −$1.6M | −$2.6M | −$2.0M | $250,000 | $5.5M | −$499,000 |
| Acquisitions & other investing | $36,132 | $465,725 | $3.4M | $4.0M | $2.6M | $4.1M | −$8,914 | −$14,077 | $36,339 | −$337,280 |
| Cash from investing activities | −$1.2M | −$461,225 | −$1.9M | −$4.0M | −$1.6M | −$2.6M | −$3.4M | −$1.8M | −$12.3M | −$4.4M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | — | — | — | — | — | $9 | $8.3M | $96,254 | $3.8M | $8.5M |
| Net borrowing (repayment) | −$1.5M | −$1.5M | $1.8M | $1.10B | −$368,271 | $2.0M | −$1.4M | $793,361 | $5.9M | −$182,574 |
| Shares issued | $349,326 | $4.6M | $0 | $0 | $4.2M | $4.2M | $8.3M | $0 | $0 | $0 |
| Other financing | −$82,510 | −$296,871 | −$62,772 | −$1.10B | $13,965 | −$4.3M | −$8.3M | $0 | $0 | $0 |
| Cash from financing activities | −$1.2M | $2.9M | $1.8M | $1.1M | $3.9M | $1.9M | $6.9M | $889,615 | $9.7M | $8.3M |
| Summary | ||||||||||
| Net change in cash | $48,599 | $2.8M | −$4.8M | −$4.4M | $3.2M | $656,644 | $3.8M | −$1.3M | −$1.4M | $3.6M |
| Cash at end of period | $3.8M | $3.8M | $978,741 | $5.8M | $10.2M | $6.9M | $6.3M | $2.5M | $3.8M | $5.2M |
| Free cash flow | $1.2M | −$107,822 | −$6.6M | −$5.5M | −$1.7M | −$2.8M | −$1.2M | −$2.4M | −$16.6M | −$3.9M |
| Free cash flow margin | 4.4% | −0.4% | −37.6% | −29.7% | −8.6% | −18.0% | −8.4% | −21.9% | −159.0% | −41.0% |
| Capex / revenue | 4.5% | 1.8% | 10.8% | 21.4% | 13.6% | 26.5% | 10.1% | 18.5% | 170.3% | 37.6% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | −0.64 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | $1.8M | $1.9M | −$2.8M | −$139,748 | $501,880 | $1.4M | $515,000 | −$701,690 | −$1.5M | −$437,868 | −$940.0M |
| Depreciation & amortization | $470,621 | $528,294 | $706,315 | $679,088 | $668,231 | $675,967 | $673,848 | $675,122 | $670,958 | $667,253 | $700,411 |
| Stock-based compensation | $239,867 | $137,949 | $103,781 | $73,161 | $66,714 | $52,215 | $68,863 | $77,557 | $98,021 | $81,110 | $96.4M |
| Change in working capital | $450,716 | $946,233 | −$215,018 | −$1.7M | $399,770 | −$579,000 | −$1.2M | −$663,690 | $1.4M | $135,198 | −$440.2M |
| Other non-cash items | $23,211 | $18,948 | $2.7M | −$136,229 | −$35,097 | −$22,329 | −$26,239 | −$26,630 | −$12,072 | −$27,188 | $775.3M |
| Cash from operating activities | $3.0M | $3.6M | $482,541 | −$1.2M | $1.6M | $1.6M | −$3,051 | −$639,331 | $581,780 | $418,505 | −$507.8M |
| Investing activities | |||||||||||
| Capital expenditures | −$733,939 | −$177,230 | −$172,306 | −$593,924 | −$155,159 | −$329,050 | −$196,218 | −$88,412 | −$110,741 | −$70,356 | −$420.5M |
| Investments (net) | — | — | — | −$592,024 | −$125,927 | −$329,050 | −$196,216 | −$88,412 | −$106,241 | −$70,356 | −$533,259 |
| Acquisitions & other investing | $0 | $10,000 | $5,000 | $593,924 | $155,159 | $329,050 | $196,218 | $88,412 | $110,741 | $70,356 | −$112.2M |
| Cash from investing activities | −$733,939 | −$167,230 | −$167,306 | −$592,024 | −$125,927 | −$329,050 | −$196,216 | −$88,412 | −$106,241 | −$70,356 | −$533.3M |
| Financing activities | |||||||||||
| Net borrowing (repayment) | −$402,537 | −$399,999 | −$394,602 | −$323,056 | −$381,438 | −$380,106 | −$374,232 | −$368,250 | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $329,892 | $19,434 | $814,932 | $3.6M | $252,749 | $0 | $0 |
| Other financing | $164,973 | $4 | $0 | −$14,633 | −$24,902 | −$42,975 | −$291,834 | $0 | −$364,350 | −$366,543 | $1.58B |
| Cash from financing activities | −$237,564 | −$399,995 | −$394,602 | −$337,689 | −$76,448 | −$403,647 | $148,866 | $3.2M | −$111,601 | −$366,543 | $1.58B |
| Summary | |||||||||||
| Net change in cash | $2.0M | $3.0M | −$79,367 | −$2.1M | $1.4M | $841,139 | −$50,401 | $2.5M | $363,938 | −$18,394 | $535.2M |
| Cash at end of period | $8.9M | $6.8M | $3.8M | $3.9M | $6.0M | $4.6M | $3.8M | $3.8M | $1.3M | $960,347 | $1.99B |
| Free cash flow | $2.3M | $3.4M | $310,235 | −$1.8M | $1.4M | $1.2M | −$199,267 | −$727,743 | $471,039 | $348,149 | −$928.3M |
| Free cash flow margin | 31.8% | 32.8% | 4.1% | −32.3% | 22.4% | 15.4% | −2.6% | −12.1% | 8.6% | 4.8% | −17,201.3% |
| Capex / revenue | 10.2% | 1.7% | 2.3% | 10.8% | 2.4% | 4.1% | 2.5% | 1.5% | 2.0% | 1.0% | 7,792.4% |
| Operating cash flow / net income | 1.65 | 1.84 | — | — | 3.19 | 1.09 | −0.01 | — | — | — | — |
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.
ICCC cash generation
In fiscal 2025 (ended December 31, 2025), ImmuCell generated $2.5 million of cash from operations (up 591.6%) and spent $1.3 million on capital expenditures, leaving free cash flow of $1.2 million, 4.4% of revenue. Cash and equivalents rose by $0.0 million over the year.
Related: ICCC income statement, ICCC balance sheet. See the ICCC stock overview for the latest quote and news.
ICCC cash flow FAQ
What is ImmuCell's free cash flow?
ImmuCell's free cash flow was $1.2 million in fiscal 2025: $2.5 million of operating cash flow minus $1.3 million of capital expenditures It was -$0.1 million a year earlier..
How much cash does ImmuCell generate from operations?
ImmuCell generated $2.5 million of cash from operating activities in fiscal 2025.
How much does ImmuCell spend on capital expenditures?
ImmuCell spent $1.3 million on capital expenditures in fiscal 2025, 4.5% of revenue, compared with $0.5 million the year before.