NETCLASS TECHNOLOGY INC Class A (NTCL) Cash Flow Statement
Where NTCL’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- −$5.7M
- Capital expenditures
- $2.3M 23.5% of revenue
- Free cash flow
- −$8.0M −81.8% margin
- Returned to shareholders
- —
- Change in cash
- $1.3M cash at year-end $1.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NTCL operating cash flow, capex and free cash flow
NTCL cash flow trends, FY2020–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$65,526FY2020 | −$5.7MFY2025 | — | |
| Capital expenditures | $40,906FY2020 | $2.3MFY2025 | +124.0%/yr | |
| Free cash flow | −$106,432FY2020 | −$8.0MFY2025 | — | |
| Free cash flow margin | −3.6%FY2020 | −81.8%FY2025 | −78.3 pts | |
| Operating cash flow / net income | −0.32FY2020 | 2.42FY2023 | +2.73 | |
| Stock-based compensation | $0FY2023 | $5.2MFY2025 | — | |
| Capex / revenue | 1.4%FY2020 | 23.5%FY2025 | +22.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NTCL cash flow by activity
NTCL 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).
NTCL cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −$10.9M | −$1.5M | $162,229 | $132,687 | $1.1M | $207,858 |
| Depreciation & amortization | $571,259 | $10,821 | $134,786 | $118,564 | $130,831 | $115,938 |
| Stock-based compensation | $5.2M | $0 | $0 | — | — | — |
| Change in working capital | −$2.6M | −$581,457 | −$514,971 | −$888,459 | −$185,440 | −$1.6M |
| Other non-cash items | $2.0M | $1.9M | $609,832 | $65,759 | −$266,134 | $1.3M |
| Cash from operating activities | −$5.7M | −$135,655 | $391,876 | −$571,449 | $745,803 | −$65,526 |
| Investing activities | ||||||
| Capital expenditures | −$2.3M | $0 | $0 | $0 | −$3,482 | −$40,906 |
| Investments (net) | — | — | $0 | $0 | $19,573 | — |
| Acquisitions & other investing | $20,101 | — | — | — | $3,482 | $19,265 |
| Cash from investing activities | −$2.3M | — | — | — | $19,573 | −$21,641 |
| Financing activities | ||||||
| Net borrowing (repayment) | $876,212 | $0 | −$132,035 | $45,213 | −$97,600 | — |
| Shares issued | $10.3M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.9M | $10,867 | −$20,878 | −$170,791 | $67,372 | $176,520 |
| Cash from financing activities | $9.4M | $10,867 | −$152,913 | −$125,578 | −$30,228 | $176,520 |
| Summary | ||||||
| Net change in cash | $1.3M | −$109,321 | $222,896 | −$740,231 | $735,476 | $306,460 |
| Cash at end of period | $1.8M | $415,280 | $524,601 | $301,705 | $1.0M | $306,460 |
| Free cash flow | −$8.0M | −$135,655 | $391,876 | −$571,449 | $742,321 | −$106,432 |
| Free cash flow margin | −81.8% | −1.3% | 3.5% | −6.2% | 6.4% | −3.6% |
| Capex / revenue | 23.5% | 0.0% | 0.0% | 0.0% | 0.0% | 1.4% |
| Operating cash flow / net income | — | — | 2.42 | −4.31 | 0.70 | −0.32 |
| Mar '26 | Dec '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$6.0M | −$6.0M | $293,599 | $587,198 | $293,599 | −$2.1M | −$1.0M | $983,754 | $491,877 | −$821,525 |
| Depreciation & amortization | $1.4M | $21,882 | $23,243 | $4,336 | $23,243 | $6,486 | $3,243 | $81,096 | $40,548 | $53,690 |
| Stock-based compensation | — | $5.2M | — | — | — | — | — | — | — | — |
| Change in working capital | — | −$2.6M | −$290,729 | −$581,458 | −$290,729 | — | — | −$514,972 | −$257,486 | $1 |
| Other non-cash items | $2.1M | −$2.3M | $11,977 | $66,104 | $11,977 | $1.8M | $923,344 | −$316,518 | −$158,259 | $926,350 |
| Cash from operating activities | −$2.5M | −$5.7M | $38,090 | $76,180 | $38,090 | −$211,836 | −$105,918 | $233,360 | $116,680 | $158,516 |
| Investing activities | ||||||||||
| Capital expenditures | −$4 | −$2.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$249,996 | $20,101 | — | — | — | — | — | — | — | — |
| Cash from investing activities | −$250,000 | −$2.3M | — | — | — | — | — | — | — | — |
| Financing activities | ||||||||||
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.7M | $9.4M | $4,683 | $9,366 | $4,683 | $1,502 | $751 | $10,982 | $5,491 | −$163,895 |
| Cash from financing activities | $2.7M | $9.4M | $4,683 | $9,366 | $4,683 | $1,502 | $751 | $10,982 | $5,491 | −$163,895 |
| Summary | ||||||||||
| Net change in cash | −$62,536 | $1.8M | — | — | — | — | — | — | −$343,296 | $222,896 |
| Cash at end of period | $1.7M | $1.8M | $415,280 | — | — | — | — | — | — | $524,601 |
| Free cash flow | −$2.5M | −$8.0M | $38,090 | $76,180 | $38,090 | −$211,836 | −$105,918 | $233,360 | $116,680 | $158,516 |
| Free cash flow margin | −39.8% | −130.5% | 1.2% | 1.2% | 1.2% | −5.6% | −5.6% | 3.0% | 3.0% | 4.9% |
| Capex / revenue | 0.0% | 37.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | — | — | 0.13 | 0.13 | 0.13 | — | — | 0.24 | 0.24 | — |
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.
NTCL cash generation
In fiscal 2025 (ended September 30, 2025), NETCLASS TECHNOLOGY INC generated -$5.7 million of cash from operations and spent $2.3 million on capital expenditures, leaving free cash flow of -$8.0 million, −81.8% of revenue. Cash and equivalents rose by $1.3 million over the year.
Related: NTCL income statement, NTCL balance sheet. See the NTCL stock overview for the latest quote and news.
NTCL cash flow FAQ
What is NETCLASS TECHNOLOGY INC's free cash flow?
NETCLASS TECHNOLOGY INC's free cash flow was -$8.0 million in fiscal 2025: -$5.7 million of operating cash flow minus $2.3 million of capital expenditures It was -$0.1 million a year earlier..
How much cash does NETCLASS TECHNOLOGY INC generate from operations?
NETCLASS TECHNOLOGY INC generated -$5.7 million of cash from operating activities in fiscal 2025.
How much does NETCLASS TECHNOLOGY INC spend on capital expenditures?
NETCLASS TECHNOLOGY INC spent $2.3 million on capital expenditures in fiscal 2025, 23.5% of revenue.