Kaival Brands Innovations Group, Inc. (KAVL) Cash Flow Statement
Where KAVL’s cash came from and went, FY2025
October 31, 2025 · U.S. dollars- Cash from operations
- −$2.8M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$2.8M −5,930.5% margin
- Returned to shareholders
- $405,000
- Change in cash
- −$3.4M cash at year-end $534,406
Drawn to scale: where the cash came from and how it was used. Hover for values.
KAVL operating cash flow, capex and free cash flow
KAVL cash flow trends, FY2010–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$2.8MFY2010 | −$2.8MFY2025 | — | |
| Capital expenditures | $2,140FY2010 | $0FY2025 | −100.0% | |
| Free cash flow | −$2.8MFY2010 | −$2.8MFY2025 | — | |
| Free cash flow margin | −101.2%FY2010 | −5,930.5%FY2025 | −5,829.3 pts | |
| Stock-based compensation | $8,256FY2018 | $2.9MFY2025 | +130.7%/yr | |
| Dividends paid | $270,000FY2024 | $405,000FY2025 | +50.0%/yr | |
| Share buybacks (net) | $179,922FY2020 | $59,862FY2022 | −42.3%/yr | |
| Capex / revenue | 0.1%FY2010 | 0.0%FY2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KAVL cash flow by activity
KAVL 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).
KAVL cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2011 | FY2010 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$16.6M | −$6.7M | −$11.1M | −$14.4M | −$9.0M | $3.8M | −$68,849 | −$26,256 | −$3.2M | −$679,299 |
| Depreciation & amortization | $786,756 | $787,094 | $328,304 | $132,890 | $10.5M | $3,616 | $68,849 | $26,256 | $3,616 | $16,357 |
| Stock-based compensation | $2.9M | $170,234 | $3.4M | $6.3M | $11.2M | $796,594 | $26,963 | $8,256 | — | — |
| Change in working capital | $172,000 | $4.3M | $3.3M | $2.0M | −$11.5M | $3.0M | $41,886 | $18,000 | — | — |
| Other non-cash items | $10.0M | $743,627 | $1.2M | $259,563 | −$10.5M | −$2,836 | −$41,886 | $7.6M | $10.8M | −$2.1M |
| Cash from operating activities | −$2.8M | −$672,632 | −$3.0M | −$5.7M | −$9.3M | $7.6M | $26,963 | $7.6M | $7.6M | −$2.8M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$3,480 | $0 | $0 | −$3 | $0 | $0 | $0 | −$2,140 |
| Investments (net) | — | $0 | −$315,769 | $0 | — | — | — | — | — | — |
| Acquisitions & other investing | — | — | $3,480 | — | — | — | — | — | — | $24,098 |
| Cash from investing activities | — | — | −$315,769 | — | — | — | — | — | — | $21,958 |
| Financing activities | ||||||||||
| Dividends paid | −$405,000 | −$270,000 | — | — | — | — | — | — | — | — |
| Share repurchases & issuance (net) | — | — | — | −$59,862 | −$254,110 | −$179,922 | — | — | — | — |
| Net borrowing (repayment) | −$214,397 | −$1.6M | $136,789 | $0 | — | — | — | — | — | $1.7M |
| Shares issued | $24,293 | $6.0M | $0 | $0 | $8.3M | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$87,797 | $0 | $1.6M | $1.7M | $0 | −$179,922 | −$179,922 | −$179,922 | $1.1M |
| Cash from financing activities | −$595,104 | $4.0M | $136,789 | $1.6M | $9.7M | −$179,922 | −$179,922 | −$179,922 | −$179,922 | $2.7M |
| Summary | ||||||||||
| Net change in cash | −$3.4M | $3.4M | −$3.2M | −$4.1M | $403,534 | $7.4M | $26,963 | $7.4M | $7.4M | −$20,657 |
| Cash at end of period | $534,406 | $3.9M | $533,659 | $3.7M | $7.8M | $7.4M | $26,963 | — | — | — |
| Free cash flow | −$2.8M | −$672,632 | −$3.0M | −$5.7M | −$9.3M | $7.6M | $26,963 | $7.6M | $7.6M | −$2.8M |
| Free cash flow margin | −5,930.5% | −9.8% | −22.7% | −44.7% | −15.8% | 11.8% | — | — | 237.3% | −101.2% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | 0.0% | 0.1% |
| Operating cash flow / net income | — | — | — | — | — | 1.98 | — | — | — | — |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$243,868 | −$574,544 | −$620,787 | −$10.0M | −$559,355 | −$2.0M | −$4.1M | −$1.5M | −$1.6M | −$1.5M | −$2.1M | −$2.4M |
| Depreciation & amortization | $0 | $196,689 | $196,689 | $196,602 | $196,602 | $196,776 | $196,776 | $196,775 | $196,772 | $196,774 | $196,773 | $196,774 |
| Stock-based compensation | $5,910 | $21,875 | $2,445 | $2,445 | −$2,445 | $2,445 | $2.9M | $31,302 | $56,062 | −$289,088 | $371,958 | −$140,423 |
| Change in working capital | $85,826 | $48,181 | −$134,007 | −$74,117 | −$293,883 | $459,283 | −$36,698 | $393,858 | $533,355 | $1.9M | $1.5M | $1.3M |
| Other non-cash items | $7,402 | −$111,750 | −$196,689 | $9.1M | $122,305 | $760,906 | $121,513 | $71,169 | $191,102 | $222,532 | $258,824 | $936,116 |
| Cash from operating activities | −$144,730 | −$419,549 | −$752,349 | −$752,032 | −$536,776 | −$578,243 | −$905,739 | −$793,453 | −$594,570 | $470,504 | $244,887 | −$123,264 |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | −$3 | −$3 | −$3 | $0 | $0 | −$4 | −$3 | −$4 |
| Investments (net) | $0 | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | — | −$100,000 | — | — | — | — | — | — | — | — | — | — |
| Cash from investing activities | — | −$100,000 | — | — | — | — | — | — | — | — | — | — |
| Financing activities | ||||||||||||
| Dividends paid | $0 | $0 | $0 | $0 | $0 | $0 | −$405,000 | — | −$67,500 | $0 | −$67,500 | — |
| Net borrowing (repayment) | $0 | $0 | $0 | −$6,781 | $0 | −$43,667 | −$163,949 | −$214,982 | −$622,701 | — | — | — |
| Shares issued | $0 | $0 | $1.0M | $24,293 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $385,746 | $5.3M | −$573,714 | −$119,753 | −$346,289 |
| Cash from financing activities | $0 | $0 | $1.0M | $17,512 | $0 | −$43,667 | −$568,949 | $170,764 | $4.6M | −$573,714 | −$187,253 | −$346,289 |
| Summary | ||||||||||||
| Net change in cash | −$144,730 | −$519,549 | $263,094 | −$734,520 | −$536,776 | −$621,910 | −$1.5M | −$622,689 | $4.0M | −$103,210 | $57,634 | −$469,553 |
| Cash at end of period | $133,221 | $277,951 | $797,500 | $534,406 | $1.3M | $1.8M | $2.4M | $3.9M | $4.5M | $488,083 | $591,293 | $533,659 |
| Free cash flow | −$144,730 | −$419,549 | −$752,349 | −$752,032 | −$536,779 | −$578,243 | −$905,739 | −$793,453 | −$594,570 | $470,504 | $244,887 | −$123,264 |
| Free cash flow margin | −261.9% | −1,117.9% | −809.5% | −812.2% | −376.9% | −14,197.0% | −447.1% | −108.0% | −83.3% | 21.1% | 7.6% | −3.1% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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.
KAVL cash generation
In fiscal 2025 (ended October 31, 2025), Kaival Brands Innovations generated -$2.8 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$2.8 million, −5,930.5% of revenue. It returned $0.4 million to shareholders through dividends ($0.4 million) and net share buybacks ($0). Cash and equivalents fell by $3.4 million over the year.
Related: KAVL income statement, KAVL balance sheet. See the KAVL stock overview for the latest quote and news.
KAVL cash flow FAQ
What is Kaival Brands Innovations's free cash flow?
Kaival Brands Innovations's free cash flow was -$2.8 million in fiscal 2025: -$2.8 million of operating cash flow minus $0 of capital expenditures It was -$0.7 million a year earlier..
How much cash does Kaival Brands Innovations generate from operations?
Kaival Brands Innovations generated -$2.8 million of cash from operating activities in fiscal 2025.
How much does Kaival Brands Innovations pay in dividends?
Kaival Brands Innovations paid $0.4 million in dividends in fiscal 2025.