Nouveau Monde Graphite Inc. (NMG) Cash Flow Statement
Where NMG’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- −C$44.8M
- Capital expenditures
- C$13.7M
- Free cash flow
- −C$58.5M
- Returned to shareholders
- —
- Change in cash
- −C$29.7M cash at year-end C$74.5M
Cash from operations
−C$44.8M
Capital expenditures
−C$13.7M
Net borrowing (repayment)
−C$877,000
Shares issued
+C$27.6M
Other financing
−C$2.7M
Currency & other
+C$4.8M
Change in cash
−C$29.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NMG operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NMG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$1.2M2016 | −C$44.8M2025 | — | |
| Capital expenditures | C$2.1M2016 | C$13.7M2025 | +23.1%/yr | |
| Free cash flow | −C$3.3M2016 | −C$58.5M2025 | — | |
| Stock-based compensation | C$273,7102016 | C$4.3M2025 | +35.8%/yr | |
| Share buybacks (net) | C$02016 | C$02021 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NMG cash flow by activity
OperatingInvestingFinancingChange in cash
NMG 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).
NMG cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −C$105.1M | −C$73.3M | −C$56.0M | −C$47.7M | −C$39.9M | −C$18.0M | −C$6.8M | −C$8.1M | −C$5.0M | −C$2.0M |
| Depreciation & amortization | C$7.3M | C$9.1M | C$8.1M | C$4.6M | C$1.1M | C$1.2M | C$724,030 | C$493,070 | C$22,818 | C$18,307 |
| Stock-based compensation | C$4.3M | C$3.9M | C$3.1M | C$8.7M | C$6.7M | C$2.0M | C$518,974 | C$844,949 | C$856,739 | C$273,710 |
| Change in working capital | C$476,610 | −C$1.5M | C$2.1M | −C$3.1M | −C$3.2M | −C$135,000 | −C$461,844 | C$4.8M | −C$215,684 | C$357,764 |
| Other non-cash items | C$48.2M | C$9.8M | C$3.2M | −C$7.4M | C$1.0M | −C$3.2M | C$909,921 | C$2.9M | C$1.7M | C$70,885 |
| Cash from operating activities | −C$44.8M | −C$52.0M | −C$39.5M | −C$44.9M | −C$34.3M | −C$18.0M | −C$5.1M | C$948,351 | −C$2.6M | −C$1.2M |
| Investing activities | ||||||||||
| Capital expenditures | −C$13.7M | −C$14.1M | −C$10.1M | −C$26.7M | −C$37.0M | −C$1.3M | −C$15.4M | −C$17.9M | −C$4.6M | −C$2.1M |
| Investments (net) | — | −C$14.1M | −C$10.1M | −C$28.0M | −C$34.6M | −C$661,000 | −C$15.2M | −C$18.6M | −C$4.5M | — |
| Acquisitions & other investing | C$1 | C$14.1M | C$10.1M | C$26.7M | C$37.0M | C$1.3M | C$15.4M | C$17.9M | C$4.6M | C$114,784 |
| Cash from investing activities | −C$13.7M | −C$14.1M | −C$10.1M | −C$28.0M | −C$34.6M | −C$661,000 | −C$15.2M | −C$18.6M | −C$4.5M | −C$2.0M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | — | — | — | — | C$134.1M | C$3.5M | C$20.3M | C$11.8M | C$15.7M | C$5.5M |
| Net borrowing (repayment) | −C$877,000 | −C$1.2M | −C$712,000 | C$66.4M | −C$1.2M | C$15.9M | C$711,000 | C$3.3M | C$3.3M | — |
| Shares issued | C$27.6M | C$139.1M | C$29.6M | C$4.0M | C$114.2M | C$23.0M | C$20.2M | C$10.9M | C$0 | C$0 |
| Other financing | −C$2.7M | −C$2.4M | −C$2.6M | −C$142,000 | −C$121.4M | −C$23.2M | −C$20.7M | −C$14.7M | −C$4.2M | −C$130,022 |
| Cash from financing activities | C$24.0M | C$135.5M | C$26.3M | C$70.3M | C$125.7M | C$19.2M | C$20.6M | C$11.3M | C$14.9M | C$5.4M |
| Summary | ||||||||||
| Net change in cash | −C$29.7M | C$70.0M | −C$23.6M | −C$2.4M | C$57.8M | C$443,000 | C$282,996 | −C$6.4M | C$7.7M | C$2.2M |
| Cash at end of period | C$74.5M | C$106.3M | C$36.3M | C$59.9M | C$62.4M | C$4.5M | C$4.1M | C$3.8M | C$10.1M | C$2.4M |
| Free cash flow | −C$58.5M | −C$66.0M | −C$49.6M | −C$71.6M | −C$71.3M | −C$19.3M | −C$20.6M | −C$17.0M | −C$7.2M | −C$3.3M |
| 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 | C$9.4M | −C$4.5M | C$5.0M | −C$76.7M | −C$21.0M | −C$12.4M | −C$21.9M | −C$8.1M | −C$11.1M | −C$32.2M | −C$16.6M | −C$15.5M |
| Depreciation & amortization | C$351,152 | C$345,891 | C$1.6M | C$1.2M | C$2.3M | C$2.2M | C$2.1M | C$1.9M | C$2.5M | C$2.6M | C$2.6M | C$2.6M |
| Stock-based compensation | C$1.2M | C$1.4M | C$486,000 | C$964,000 | C$114,000 | C$2.9M | −C$1.5M | C$2.0M | C$2.6M | C$854,000 | C$808,000 | C$864,000 |
| Change in working capital | −C$562,244 | −C$331,854 | −C$1.6M | C$3.8M | C$1.6M | −C$768,000 | −C$2.6M | C$1.6M | C$429,000 | −C$917,000 | C$694,000 | −C$86,000 |
| Other non-cash items | −C$18.9M | −C$9.3M | −C$16.1M | C$64.6M | C$5.1M | −C$5.3M | C$7.1M | −C$9.0M | −C$5.6M | C$17.3M | C$1.9M | C$3.1M |
| Cash from operating activities | −C$8.4M | −C$12.4M | −C$10.6M | −C$6.2M | −C$11.9M | −C$13.4M | −C$16.8M | −C$11.7M | −C$11.1M | −C$12.4M | −C$10.5M | −C$9.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$8.7M | −C$4.1M | −C$2.5M | −C$5.4M | −C$2.7M | −C$3.2M | −C$4.7M | −C$5.4M | −C$1.6M | −C$2.2M | −C$1.3M | −C$2.3M |
| Investments (net) | — | — | — | −C$5.4M | −C$2.7M | −C$3.2M | −C$5.0M | −C$5.3M | −C$1.6M | −C$2.2M | −C$1.4M | −C$2.2M |
| Acquisitions & other investing | C$0 | C$0 | C$0 | C$5.4M | C$2.7M | C$3.2M | C$4.7M | C$5.4M | C$1.6M | C$2.2M | C$1.3M | C$2.3M |
| Cash from investing activities | −C$8.7M | −C$4.1M | −C$2.5M | −C$5.4M | −C$2.7M | −C$3.2M | −C$5.0M | −C$5.3M | −C$1.6M | −C$2.2M | −C$1.4M | −C$2.2M |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | −C$215,000 | −C$203,000 | −C$201,000 | −C$178,000 | −C$321,000 | −C$177,000 | −C$172,000 | −C$177,000 | — | — | — | −C$167,000 |
| Shares issued | C$0 | C$0 | C$27.6M | C$0 | C$0 | C$0 | C$71.2M | C$0 | C$0 | C$67.9M | C$0 | C$0 |
| Other financing | C$416.4M | −C$396,545 | −C$2.0M | C$0 | −C$207,000 | −C$482,000 | −C$39,000 | −C$174,000 | −C$1.6M | −C$1.4M | −C$225,000 | −C$38,000 |
| Cash from financing activities | C$416.2M | −C$599,545 | C$25.4M | −C$178,000 | −C$528,000 | −C$659,000 | C$71.0M | −C$351,000 | −C$1.6M | C$66.4M | −C$225,000 | −C$205,000 |
| Summary | ||||||||||||
| Net change in cash | C$402.2M | −C$17.6M | C$13.6M | −C$11.7M | −C$15.5M | −C$17.3M | C$49.8M | −C$17.4M | −C$14.2M | C$51.7M | −C$12.3M | −C$11.3M |
| Cash at end of period | C$461.4M | C$58.1M | C$74.5M | C$61.8M | C$73.5M | C$89.0M | C$106.3M | C$56.5M | C$73.9M | C$88.0M | C$36.3M | C$48.6M |
| Free cash flow | −C$17.1M | −C$16.5M | −C$13.0M | −C$11.6M | −C$14.6M | −C$16.6M | −C$21.5M | −C$17.1M | −C$12.7M | −C$14.6M | −C$11.8M | −C$11.3M |
| Operating cash flow / net income | −0.89 | — | −2.12 | — | — | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
NMG cash generation
In fiscal 2025 (ended December 31, 2025), Nouveau Monde Graphite generated -C$44.8 million of cash from operations and spent C$13.7 million on capital expenditures, leaving free cash flow of -C$58.5 million. Cash and equivalents fell by C$29.7 million over the year.
Related: NMG income statement, NMG balance sheet. See the NMG stock overview for the latest quote and news.
NMG cash flow FAQ
What is Nouveau Monde Graphite's free cash flow?
Nouveau Monde Graphite's free cash flow was -C$58.5 million in fiscal 2025: -C$44.8 million of operating cash flow minus C$13.7 million of capital expenditures It was -C$66.0 million a year earlier..
How much cash does Nouveau Monde Graphite generate from operations?
Nouveau Monde Graphite generated -C$44.8 million of cash from operating activities in fiscal 2025.
How much does Nouveau Monde Graphite spend on capital expenditures?
Nouveau Monde Graphite spent C$13.7 million on capital expenditures in fiscal 2025, compared with C$14.1 million the year before.