NOMAD Power Solutions, Inc. (NMAD) Cash Flow Statement
Where NMAD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$3.1M
- Capital expenditures
- $0
- Free cash flow
- −$3.1M
- Returned to shareholders
- —
- Change in cash
- $4.1M cash at year-end $5.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NMAD operating cash flow, capex and free cash flow
NMAD cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$4.1M2021 | −$3.1M2025 | — | |
| Capital expenditures | $52021 | $02025 | −100.0% | |
| Free cash flow | −$4.1M2021 | −$3.1M2025 | — | |
| Stock-based compensation | $1.5M2022 | $1.6M2025 | +0.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NMAD cash flow by activity
NMAD 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).
NMAD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −$6.0M | −$3.6M | −$5.1M | −$6.3M | −$6.7M |
| Stock-based compensation | $1.6M | $418,422 | $773,203 | $1.5M | — |
| Change in working capital | $412,880 | $3,007 | $20,561 | $154,758 | −$13,441 |
| Other non-cash items | $966,089 | $0 | $0 | $0 | $2.6M |
| Cash from operating activities | −$3.1M | −$3.2M | −$4.3M | −$4.6M | −$4.1M |
| Investing activities | |||||
| Capital expenditures | $0 | $0 | $0 | $0 | −$5 |
| Investments (net) | −$3.1M | $0 | — | — | — |
| Acquisitions & other investing | −$95,102 | — | — | — | — |
| Cash from investing activities | −$3.2M | — | — | — | — |
| Financing activities | |||||
| Shares issued | $10.3M | $0 | $3.1M | $5.1M | $0 |
| Other financing | $45,801 | $0 | $6,322 | $0 | $3.9M |
| Cash from financing activities | $10.3M | $0 | $3.1M | $5.1M | $3.9M |
| Summary | |||||
| Net change in cash | $4.1M | −$3.2M | −$1.1M | $529,647 | −$245,521 |
| Cash at end of period | $5.1M | $1.0M | $4.2M | $5.4M | $4.8M |
| Free cash flow | −$3.1M | −$3.2M | −$4.3M | −$4.6M | −$4.1M |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Sep '23 | Mar '23 | Jun '22 | Mar '22 | Dec '21 | Sep '21 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$2.2M | −$2.1M | −$2.5M | −$2.0M | −$775,673 | −$709,555 | −$1.0M | −$1.4M | −$1.5M | −$1.7M | −$2.0M | −$1.2M |
| Depreciation & amortization | $230,255 | $115,128 | — | — | — | — | — | — | — | — | — | — |
| Stock-based compensation | $622,614 | $352,395 | $370,874 | $821,322 | $240,499 | $99,738 | — | — | — | — | — | — |
| Change in working capital | −$53,342 | $5,025 | $301,920 | $49,437 | $2,006 | $41,334 | −$37,735 | −$180,690 | −$72,050 | $282,149 | $137,649 | −$36,381 |
| Other non-cash items | −$224,130 | −$129,752 | $783,202 | $182,887 | $5,184 | $0 | $112,106 | $276,980 | $424,094 | $339,673 | $744,864 | $347,222 |
| Cash from operating activities | −$1.6M | −$1.7M | −$1.1M | −$926,752 | −$527,984 | −$568,483 | −$944,389 | −$1.3M | −$1.2M | −$1.0M | −$1.1M | −$927,883 |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$12,430 | $0 | $0 | $0 | $0 | $0 | $0 | −$1.2M | −$3 | $0 | −$3 |
| Investments (net) | — | — | −$440,000 | — | — | — | — | — | — | — | — | — |
| Acquisitions & other investing | −$6.5M | −$3.2M | −$95,102 | −$2.6M | — | — | — | — | — | — | — | — |
| Cash from investing activities | −$6.5M | −$3.3M | −$535,102 | −$2.6M | — | — | — | — | — | — | — | — |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $51,820 | — | — | — | — | — | — | — | — | — | — | — |
| Shares issued | $16.4M | $0 | $3.8M | $5.5M | $0 | $914,228 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.0M | $8.8M | $1 | $55,800 | $452,114 | $0 | $3.1M | $6,281 | $5.2M | −$10,906 | $10,000 | $90,000 |
| Cash from financing activities | $17.5M | $8.8M | $3.8M | $5.6M | $452,114 | $914,228 | $3.1M | $6,281 | $5.2M | −$10,906 | $10,000 | $90,000 |
| Summary | ||||||||||||
| Net change in cash | $9.4M | −$1.9M | $2.2M | $2.0M | −$497,485 | $345,745 | $2.2M | −$1.3M | $4.0M | −$1.0M | −$1.1M | −$837,883 |
| Cash at end of period | $12.7M | $3.3M | $5.1M | $2.9M | $887,212 | $1.4M | $5.1M | $4.1M | $7.7M | $3.8M | $4.8M | $6.0M |
| Free cash flow | −$1.6M | −$1.7M | −$1.1M | −$926,752 | −$527,984 | −$568,483 | −$944,390 | −$1.3M | −$2.4M | −$1.0M | −$1.1M | −$927,880 |
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.
NMAD cash generation
In fiscal 2025 (ended December 31, 2025), NOMAD Power Solutions generated -$3.1 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$3.1 million. Cash and equivalents rose by $4.1 million over the year.
Related: NMAD income statement, NMAD balance sheet. See the NMAD stock overview for the latest quote and news.
NMAD cash flow FAQ
What is NOMAD Power Solutions's free cash flow?
NOMAD Power Solutions's free cash flow was -$3.1 million in fiscal 2025: -$3.1 million of operating cash flow minus $0 of capital expenditures It was -$3.2 million a year earlier..
How much cash does NOMAD Power Solutions generate from operations?
NOMAD Power Solutions generated -$3.1 million of cash from operating activities in fiscal 2025.