Nvni Group Limited (NVNIF) Cash Flow Statement

NASDAQ: NVNIFOperating cash, capex, free cash flow and buybacks.

Where NVNIF’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
Cash from operations: R$8.0MCash from operationsR$8.0MShares issued: R$85.7MShares issuedR$85.7MDrawn from cash: R$4.6MDrawn from cashR$4.6MOther financing: R$70.4MOther financingR$70.4M · 72%Debt repayment: R$12.9MDebt repaymentR$12.9M · 13%Capital expenditures: R$7.1MCapital expendituresR$7.1M · 7%Currency & other: R$8.0MCurrency & otherR$8.0M · 8%R$98.4M
Cash from operations
R$8.0M
Capital expenditures
−R$7.1M
Net borrowing (repayment)
−R$12.9M
Shares issued
+R$85.7M
Other financing
−R$70.4M
Currency & other
−R$8.0M
Change in cash
−R$4.6M

Drawn to scale: where the cash came from and how it was used. Hover for values.

NVNIF operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

NVNIF cash flow trends, 2022–2025

MetricTrendThenLatestChange
Operating cash flowR$14.2M2022R$8.0M2025−17.2%/yr
Capital expendituresR$4.3M2022R$7.1M2025+18.0%/yr
Free cash flowR$9.9M2022R$936,0002025−54.4%/yr
Free cash flow margin7.9%20220.5%2025−7.5 pts
Stock-based compensationR$9.9M2022R$51,0002025−82.7%/yr
Dividends paidR$02022R$02025—
Capex / revenue3.5%20223.6%2025+0.1 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

NVNIF cash flow by activity

OperatingInvestingFinancingChange in cash

NVNIF 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).

NVNIF cash flow statement in Brazilian reais

2025202420232022
Operating activities
Net income−R$112.9M−R$86.2M−R$254.7M−R$114.4M
Depreciation & amortizationR$19.6MR$19.9MR$18.7MR$17.2M
Stock-based compensationR$51,000R$913,000R$6.3MR$9.9M
Change in working capitalR$2.4MR$14.3MR$2.2MR$1.5M
Other non-cash itemsR$99.0MR$89.7MR$230.3MR$100.0M
Cash from operating activitiesR$8.0MR$38.6MR$2.8MR$14.2M
Investing activities
Capital expenditures−R$7.1M−R$16.1M−R$12.2M−R$4.3M
Financing activities
Dividends paidR$0R$0R$0R$0
Net borrowing (repayment)−R$12.9M−R$10.0MR$8.1MR$6.5M
Shares issuedR$85.7MR$13.8MR$29.1MR$0
Other financing−R$70.4M−R$19.7M−R$24.4M−R$19.3M
Cash from financing activitiesR$2.5M−R$15.9MR$12.8M−R$12.8M
Summary
Net change in cash−R$4.6MR$6.6MR$3.4M−R$2.9M
Cash at end of periodR$13.5MR$18.0MR$11.4MR$8.0M
Free cash flowR$936,000R$22.5M−R$9.4MR$9.9M
Free cash flow margin0.5%11.7%−5.6%7.9%
Capex / revenue3.6%8.3%7.2%3.5%

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.

NVNIF 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: NVNIF income statement, NVNIF balance sheet. See the NVNIF stock overview for the latest quote and news.

NVNIF 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.

Software - Application: cash flow