Nvni Group Limited (NVNI) Cash Flow Statement
Where NVNI’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$8.0M −79.1% vs 2024
- Capital expenditures
- R$7.1M 3.6% of revenue
- Free cash flow
- R$936,000 0.5% margin
- Returned to shareholders
- —
- Change in cash
- −R$4.6M cash at year-end R$13.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NVNI operating cash flow, capex and free cash flow
NVNI cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$2.2M2020 | R$8.0M2025 | +29.6%/yr | |
| Capital expenditures | R$02020 | R$7.1M2025 | — | |
| Free cash flow | R$2.2M2020 | R$936,0002025 | −15.7%/yr | |
| Free cash flow margin | 18.1%2020 | 0.5%2025 | −17.7 pts | |
| Stock-based compensation | R$3.7M2021 | R$51,0002025 | −65.8%/yr | |
| Dividends paid | R$02021 | R$02025 | — | |
| Capex / revenue | 0.0%2020 | 3.6%2025 | +3.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NVNI cash flow by activity
NVNI 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).
NVNI cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −R$96.4M | −R$68.7M | −R$254.7M | −R$112.4M | −R$73.9M | −R$10.4M |
| Depreciation & amortization | R$19.6M | R$19.9M | R$18.7M | R$17.2M | R$13.6M | R$2.7M |
| Stock-based compensation | R$51,000 | R$913,000 | R$6.3M | R$9.9M | R$3.7M | — |
| Change in working capital | R$2.4M | R$14.3M | R$2.2M | −R$5.1M | −R$10.2M | R$3.8M |
| Other non-cash items | R$82.5M | R$72.2M | R$230.3M | R$104.6M | R$60.1M | R$6.0M |
| Cash from operating activities | R$8.0M | R$38.6M | R$2.8M | R$14.2M | −R$6.7M | R$2.2M |
| Investing activities | ||||||
| Capital expenditures | −R$7.1M | −R$16.1M | −R$12.2M | −R$4.3M | −R$3.8M | R$0 |
| Investments (net) | — | −R$16.1M | −R$12.2M | −R$4.3M | −R$94.8M | — |
| Acquisitions & other investing | −R$1.8M | R$16.1M | — | R$4.3M | R$3.8M | −R$48,000 |
| Cash from investing activities | −R$8.9M | −R$16.1M | — | −R$4.3M | −R$94.8M | −R$48,000 |
| Financing activities | ||||||
| Dividends paid | R$0 | R$0 | R$0 | R$0 | R$0 | — |
| Net borrowing (repayment) | −R$12.9M | −R$10.0M | R$8.1M | R$6.5M | R$74.0M | — |
| Shares issued | R$85.7M | R$13.8M | R$29.1M | R$0 | R$35.7M | R$0 |
| Other financing | −R$70.4M | −R$19.7M | −R$24.4M | −R$19.3M | R$1.1M | R$6.6M |
| Cash from financing activities | R$2.5M | −R$15.9M | R$12.8M | −R$12.8M | R$110.8M | R$6.6M |
| Summary | ||||||
| Net change in cash | −R$4.6M | R$6.6M | R$3.4M | −R$2.9M | R$9.3M | — |
| Cash at end of period | R$13.5M | R$18.0M | R$11.4M | R$8.0M | R$10.9M | R$1.6M |
| Free cash flow | R$936,000 | R$22.5M | −R$9.4M | R$9.9M | −R$10.5M | R$2.2M |
| Free cash flow margin | 0.5% | 11.7% | −5.6% | 7.9% | −11.7% | 18.1% |
| Capex / revenue | 3.6% | 8.3% | 7.2% | 3.5% | 4.2% | 0.0% |
| Jun '26 | Mar '26 | Sep '25 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | Mar '22 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −R$8.9M | −R$8.9M | −R$27.3M | R$2.9M | −R$21.1M | R$2.8M | R$21.3M | R$18.4M | R$27.1M |
| Depreciation & amortization | R$4.9M | R$4.9M | R$4.8M | — | — | — | — | — | — |
| Stock-based compensation | — | R$51,000 | R$2,000 | — | — | — | — | — | — |
| Change in working capital | R$1.1M | R$1.1M | −R$3.3M | −R$1.6M | R$16.4M | R$3.9M | R$2.6M | R$1.4M | R$811,609 |
| Other non-cash items | R$10.5M | R$10.4M | R$46.0M | −R$6.7M | R$2.7M | −R$8.8M | −R$25.1M | −R$20.8M | −R$28.5M |
| Cash from operating activities | R$7.6M | R$7.6M | R$20.2M | −R$5.5M | −R$2.0M | −R$2.1M | −R$1.2M | −R$944,611 | −R$646,797 |
| Investing activities | |||||||||
| Capital expenditures | −R$57,000 | −R$57,000 | −R$152,500 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Acquisitions & other investing | −R$1.3M | −R$1.3M | −R$17.4M | R$3.4M | R$983.0M | — | — | — | — |
| Cash from investing activities | −R$1.4M | −R$1.4M | −R$17.5M | R$3.4M | R$983.0M | — | — | — | — |
| Financing activities | |||||||||
| Share repurchases & issuance (net) | — | — | — | — | −R$985.6M | — | — | — | — |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | −R$8.3M | −R$8.3M | −R$4.8M | R$2.0M | R$4.4M | R$2.2M | R$1.1M | — | — |
| Cash from financing activities | −R$8.3M | −R$8.3M | −R$4.8M | R$2.0M | −R$981.2M | R$2.2M | R$1.1M | — | — |
| Summary | |||||||||
| Net change in cash | — | −R$4.6M | — | −R$61,787 | −R$137,396 | R$36,544 | −R$130,945 | −R$944,611 | −R$646,797 |
| Cash at end of period | — | R$13.5M | R$18.0M | R$63,877 | R$132,798 | R$283,294 | R$246,983 | R$371,878 | R$1.2M |
| Free cash flow | R$7.5M | R$7.5M | R$20.1M | −R$5.5M | −R$2.0M | −R$2.1M | −R$1.2M | −R$944,611 | −R$646,797 |
| Free cash flow margin | 15.4% | 15.4% | 40.7% | — | — | — | — | — | — |
| Capex / revenue | 0.1% | 0.1% | 0.3% | — | — | — | — | — | — |
| Operating cash flow / net income | — | — | — | −1.87 | — | −0.77 | −0.06 | −0.05 | −0.02 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported; data from EODHD.
NVNI cash generation
In fiscal 2025 (ended December 31, 2025), Nvni generated R$8.0 million of cash from operations (down 79.1%) and spent R$7.1 million on capital expenditures, leaving free cash flow of R$0.9 million, 0.5% of revenue. Cash and equivalents fell by R$4.6 million over the year.
Related: NVNI income statement, NVNI balance sheet. See the NVNI stock overview for the latest quote and news.
NVNI cash flow FAQ
What is Nvni's free cash flow?
Nvni's free cash flow was R$0.9 million in fiscal 2025: R$8.0 million of operating cash flow minus R$7.1 million of capital expenditures It was R$22.5 million a year earlier..
How much cash does Nvni generate from operations?
Nvni generated R$8.0 million of cash from operating activities in fiscal 2025.
How much does Nvni spend on capital expenditures?
Nvni spent R$7.1 million on capital expenditures in fiscal 2025, 3.6% of revenue, compared with R$16.1 million the year before.