Ideal Power Inc. (IPWR) Cash Flow Statement
Where IPWR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$9.1M
- Capital expenditures
- $119,481 316.7% of revenue
- Free cash flow
- −$9.3M −24,530.7% margin
- Returned to shareholders
- —
- Change in cash
- −$9.7M cash at year-end $6.1M
Cash from operations
−$9.1M
Capital expenditures
−$119,481
Acquisitions & other
−$330,013
Other financing
−$128,828
Change in cash
−$9.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
IPWR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
IPWR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$10.1M2016 | −$9.1M2025 | — | |
| Capital expenditures | $750,9922016 | $119,4812025 | −18.5%/yr | |
| Free cash flow | −$10.9M2016 | −$9.3M2025 | — | |
| Free cash flow margin | −666.3%2016 | −24,530.7%2025 | −23,864.4 pts | |
| Stock-based compensation | $1.5M2016 | $729,1732025 | −7.8%/yr | |
| Dividends paid | $02016 | $02017 | — | |
| Share buybacks (net) | $3,2582016 | $216,2642023 | +82.1%/yr | |
| Capex / revenue | 46.1%2016 | 316.7%2025 | +270.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IPWR cash flow by activity
OperatingInvestingFinancingChange in cash
IPWR 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).
IPWR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$10.6M | −$10.4M | −$10.0M | −$7.2M | −$4.8M | −$7.8M | −$3.1M | −$4.3M | −$10.3M | −$11.0M |
| Depreciation & amortization | $457,519 | $416,521 | $333,896 | $245,529 | $157,564 | $122,152 | $110,463 | $137,509 | $154,763 | $406,639 |
| Stock-based compensation | $729,173 | $1.6M | $2.3M | $975,801 | $352,313 | $868,648 | $184,339 | $730,802 | $1.1M | $1.5M |
| Change in working capital | $179,140 | −$399,667 | −$107,429 | −$516,931 | −$137,573 | −$7,461 | $248,460 | −$485,471 | $71,932 | −$1.4M |
| Other non-cash items | $77,109 | $62,125 | $274,595 | $101,037 | $117,101 | $3.8M | −$642,389 | $56,504 | $1.6M | $322,727 |
| Cash from operating activities | −$9.1M | −$8.7M | −$7.1M | −$6.4M | −$4.3M | −$3.0M | −$3.2M | −$3.8M | −$7.4M | −$10.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$119,481 | −$506,428 | −$240,825 | −$182,651 | −$236,935 | −$67,160 | −$104,098 | −$134,149 | −$434,030 | −$750,992 |
| Investments (net) | — | −$506,428 | −$511,896 | −$312,740 | −$236,935 | −$67,160 | −$80,511 | −$134,149 | −$434,030 | −$750,992 |
| Acquisitions & other investing | −$330,013 | $506,428 | $229,775 | $182,651 | $236,935 | $67,160 | $104,098 | $134,149 | $434,030 | $750,992 |
| Cash from investing activities | −$449,494 | −$506,428 | −$522,946 | −$312,740 | −$236,935 | −$67,160 | −$80,511 | −$134,149 | −$434,030 | −$750,992 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | — | — | −$216,264 | −$127,872 | — | $3.1M | $3.1M | −$5,721 | $13.7M | −$3,258 |
| Net borrowing (repayment) | — | — | — | −$127,872 | −$127,872 | $91,407 | $91,407 | $91,407 | $91,407 | — |
| Shares issued | $0 | $15.7M | $0 | $0 | $21.2M | $0 | $3.1M | $0 | $0 | $0 |
| Other financing | −$128,828 | $892,205 | $0 | $127,872 | $3.5M | $0 | −$3.2M | −$91,407 | −$81,838 | $38,791 |
| Cash from financing activities | −$128,828 | $16.6M | −$216,264 | −$127,872 | $24.5M | $3.2M | $3.1M | −$5,721 | $13.7M | $35,533 |
| Summary | ||||||||||
| Net change in cash | −$9.7M | $7.4M | −$7.9M | −$6.8M | $20.0M | $99,574 | −$200,395 | −$6.8M | $5.8M | −$10.8M |
| Cash at end of period | $6.1M | $15.8M | $8.5M | $16.3M | $23.2M | $3.2M | $3.1M | $3.3M | $10.0M | $4.2M |
| Free cash flow | −$9.3M | −$9.2M | −$7.4M | −$6.6M | −$4.5M | −$3.1M | −$3.3M | −$4.0M | −$7.8M | −$10.9M |
| Free cash flow margin | −24,530.7% | −10,750.7% | −3,707.1% | −3,230.5% | −783.8% | −720.9% | — | — | −647.5% | −666.3% |
| Capex / revenue | 316.7% | 588.7% | 121.1% | 89.9% | 41.1% | 15.7% | — | — | 35.8% | 46.1% |
| 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 | −$3.4M | −$3.6M | −$1.9M | −$2.9M | −$3.0M | −$2.7M | −$2.6M | −$2.7M | −$2.7M | −$2.5M | −$2.4M | −$2.7M |
| Depreciation & amortization | $123,376 | $116,867 | $117,279 | $115,961 | $112,927 | $111,352 | $361,510 | $107,128 | $101,541 | $97,278 | $77,846 | $72,477 |
| Stock-based compensation | $644,086 | $991,440 | −$268,667 | $283,215 | $330,030 | $384,595 | $432,446 | $418,208 | $364,581 | $381,019 | $462,171 | $626,002 |
| Change in working capital | $339,075 | $509,269 | −$149,370 | −$45,873 | $238,273 | $139,102 | −$497,119 | −$57,677 | $49,312 | $105,817 | −$86,573 | $256,104 |
| Other non-cash items | −$131,918 | −$20,931 | $36,535 | $39,373 | −$2,992 | $1,201 | −$250,936 | $912 | $50,996 | $10,217 | −$540 | $15,656 |
| Cash from operating activities | −$2.4M | −$2.0M | −$2.2M | −$2.5M | −$2.4M | −$2.1M | −$2.5M | −$2.2M | −$2.1M | −$1.9M | −$2.0M | −$1.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$9,636 | −$142,090 | −$72,756 | −$70,206 | −$29,804 | −$11,324 | −$61,328 | −$206,096 | −$135,454 | −$103,550 | −$116,911 | −$152,172 |
| Investments (net) | — | — | — | −$156,401 | −$150,459 | −$69,878 | −$61,328 | −$206,096 | −$135,454 | −$103,550 | −$116,911 | −$152,172 |
| Acquisitions & other investing | −$100,446 | −$111,876 | $0 | $70,206 | $29,804 | $11,324 | $61,328 | $206,096 | $135,454 | $103,550 | — | $152,172 |
| Cash from investing activities | −$110,082 | −$253,966 | −$72,756 | −$156,401 | −$150,459 | −$69,878 | −$61,328 | −$206,096 | −$135,454 | −$103,550 | — | −$152,172 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | −$9,346 | −$7,065 | −$82,423 | −$9,346 | — | — | −$11,579 | −$216,264 | — | — |
| Shares issued | $27.7M | $12.6M | $0 | $0 | $0 | $0 | $0 | $0 | $2.1M | $13.7M | $0 | $0 |
| Other financing | −$252,570 | −$4,151 | −$20,758 | $0 | $110 | $0 | −$201,871 | $1.0M | $0 | $303,021 | −$216,264 | $0 |
| Cash from financing activities | $27.4M | $12.6M | −$30,104 | −$7,065 | −$82,313 | −$9,346 | −$201,871 | $1.0M | $2.1M | $13.7M | −$216,264 | $0 |
| Summary | ||||||||||||
| Net change in cash | $24.9M | $10.3M | −$2.3M | −$2.7M | −$2.6M | −$2.1M | −$2.8M | −$1.4M | −$170,513 | $11.8M | −$2.3M | −$1.9M |
| Cash at end of period | $41.3M | $16.4M | $6.1M | $8.4M | $11.1M | $13.7M | $15.8M | $18.7M | $20.1M | $20.2M | $8.5M | $10.8M |
| Free cash flow | −$2.4M | −$2.2M | −$2.2M | −$2.6M | −$2.4M | −$2.1M | −$2.6M | −$2.4M | −$2.2M | −$2.0M | −$2.1M | −$1.9M |
| Free cash flow margin | −42,205.9% | — | — | −10,708.3% | −187,320.1% | −17,313.2% | −48,284.0% | −438,244.2% | −167,625.0% | −2,513.2% | −3,366.4% | −123,469.1% |
| Capex / revenue | 166.1% | — | — | 287.1% | 2,337.6% | 94.3% | 1,134.0% | 37,201.4% | 10,176.9% | 131.5% | 190.2% | 9,773.4% |
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.
IPWR cash generation
In fiscal 2025 (ended December 31, 2025), Ideal Power generated -$9.1 million of cash from operations and spent $0.1 million on capital expenditures, leaving free cash flow of -$9.3 million, −24,530.7% of revenue. Cash and equivalents fell by $9.7 million over the year.
Related: IPWR income statement, IPWR balance sheet. See the IPWR stock overview for the latest quote and news.
IPWR cash flow FAQ
What is Ideal Power's free cash flow?
Ideal Power's free cash flow was -$9.3 million in fiscal 2025: -$9.1 million of operating cash flow minus $0.1 million of capital expenditures It was -$9.2 million a year earlier..
How much cash does Ideal Power generate from operations?
Ideal Power generated -$9.1 million of cash from operating activities in fiscal 2025.
How much does Ideal Power spend on capital expenditures?
Ideal Power spent $0.1 million on capital expenditures in fiscal 2025, 316.7% of revenue, compared with $0.5 million the year before.