Nexalin Technology, Inc. (NXL) Cash Flow Statement
Where NXL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$5.0M
- Capital expenditures
- $96,859 32.1% of revenue
- Free cash flow
- −$5.0M −1,643.5% margin
- Returned to shareholders
- —
- Change in cash
- $80,298 cash at year-end $654,783
Drawn to scale: where the cash came from and how it was used. Hover for values.
NXL operating cash flow, capex and free cash flow
NXL cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$678,3362019 | −$5.0M2025 | — | |
| Capital expenditures | $42019 | $96,8592025 | +437.9%/yr | |
| Free cash flow | −$678,3402019 | −$5.0M2025 | — | |
| Free cash flow margin | −327.1%2019 | −1,643.5%2025 | −1,316.4 pts | |
| Stock-based compensation | $562,7352019 | $3.1M2025 | +33.1%/yr | |
| Capex / revenue | 0.0%2019 | 32.1%2025 | +32.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NXL cash flow by activity
NXL 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).
NXL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$8.2M | −$7.6M | −$4.6M | −$1.7M | −$6.1M | −$3.4M | −$5.0M |
| Depreciation & amortization | $21,537 | $15,107 | $4,254 | $535 | $537 | $429 | $535 |
| Stock-based compensation | $3.1M | $3.6M | $2.4M | $270,670 | $4.5M | $2.0M | $562,735 |
| Change in working capital | $229,419 | $121,654 | −$768,862 | −$634,066 | $522,641 | $504,837 | $288,733 |
| Other non-cash items | −$109,696 | −$34,478 | −$835,442 | −$155,022 | $0 | $75,222 | $3.5M |
| Cash from operating activities | −$5.0M | −$3.9M | −$3.8M | −$2.2M | −$1.1M | −$863,474 | −$678,336 |
| Investing activities | |||||||
| Capital expenditures | −$96,859 | −$170,306 | −$109,279 | −$1 | −$1 | −$648 | −$4 |
| Investments (net) | −$35,132 | −$577,539 | −$3.6M | −$6.8M | −$6.8M | −$648 | −$6.8M |
| Acquisitions & other investing | $0 | $170,306 | $8.1M | $1 | $1 | $648 | $6.8M |
| Cash from investing activities | −$131,991 | −$577,539 | $4.5M | −$6.8M | −$6.8M | −$648 | −$648 |
| Financing activities | |||||||
| Net borrowing (repayment) | — | $0 | −$200,000 | −$37,200 | $190,400 | −$66,701 | $63,667 |
| Shares issued | $4.6M | $4.5M | $0 | $8.5M | $1.4M | $884,082 | $0 |
| Other financing | $523,550 | $0 | $0 | $3,473 | $35,966 | $61,750 | $662,384 |
| Cash from financing activities | $5.2M | $4.5M | −$200,000 | $8.5M | $1.7M | $879,131 | $726,051 |
| Summary | |||||||
| Net change in cash | $80,298 | −$5,745 | $417,487 | −$499,035 | $583,342 | $15,009 | $63,427 |
| Cash at end of period | $654,783 | $574,485 | $580,230 | $162,743 | $661,778 | $78,436 | $63,427 |
| Free cash flow | −$5.0M | −$4.1M | −$3.9M | −$2.2M | −$1.1M | −$864,122 | −$678,340 |
| Free cash flow margin | −1,643.5% | −2,438.8% | −3,561.8% | −167.7% | −747.4% | −355.7% | −327.1% |
| Capex / revenue | 32.1% | 100.9% | 98.7% | 0.0% | 0.0% | 0.3% | 0.0% |
| 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 | −$2.2M | −$2.1M | −$2.4M | −$2.3M | −$1.6M | −$2.0M | −$2.8M | −$2.4M | −$1.3M | −$1.0M | −$780,669 | −$2.3M |
| Depreciation & amortization | $23,062 | $10,843 | $6,152 | $5,473 | $5,126 | $4,786 | $4,441 | $4,212 | $3,792 | $2,662 | $1,747 | $887 |
| Stock-based compensation | $408,387 | $478,611 | $831,529 | $1.1M | $572,100 | $636,844 | $1.6M | $1.5M | $308,283 | $161,349 | $751,817 | $1.6M |
| Change in working capital | $14,109 | −$84,580 | $402,072 | −$231,435 | $119,034 | −$60,252 | $80,058 | $161,075 | −$263,569 | $144,090 | −$317,868 | $103,547 |
| Other non-cash items | −$8,016 | −$21,026 | −$11,229 | −$46,774 | −$32,438 | −$19,255 | $62,592 | −$56,409 | −$10,428 | −$30,233 | −$659,057 | −$81,509 |
| Cash from operating activities | −$1.8M | −$1.7M | −$1.1M | −$1.5M | −$917,165 | −$1.4M | −$1.1M | −$800,210 | −$1.2M | −$763,289 | −$1.0M | −$701,094 |
| Investing activities | ||||||||||||
| Capital expenditures | −$49,272 | −$49,272 | −$33,639 | −$3 | −$5 | −$4 | −$16,226 | −$127,003 | −$60,695 | −$66,308 | −$34,819 | −$13,000 |
| Investments (net) | $1.5M | $1.6M | $722,819 | $1.6M | −$3.9M | $1.5M | $1.6M | −$4.5M | $1.5M | $729,314 | $1.2M | $830,769 |
| Acquisitions & other investing | $1,486 | −$30,001 | $0 | $3 | $5 | $4 | $16,226 | $127,003 | $60,695 | $66,308 | $34,819 | $13,000 |
| Cash from investing activities | $1.5M | $1.5M | $689,180 | $1.6M | −$3.9M | $1.5M | $1.6M | −$4.5M | $1.5M | $729,314 | $1.2M | $830,769 |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | — | — | — | — | — | — | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4.5M | $0 | $0 | $0 | $0 |
| Other financing | $138,365 | $756,421 | $523,549 | $0 | $4.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from financing activities | $138,365 | $756,421 | $523,549 | $0 | $4.6M | $0 | $0 | $4.5M | $0 | $0 | $0 | $0 |
| Summary | ||||||||||||
| Net change in cash | −$202,937 | $553,112 | $64,708 | $158,755 | −$190,709 | $47,544 | $493,064 | −$767,375 | $302,541 | −$33,975 | $218,833 | $129,675 |
| Cash at end of period | $1.0M | $1.2M | $654,783 | $590,075 | $431,320 | $622,029 | $574,485 | $81,421 | $848,796 | $546,255 | $580,230 | $361,397 |
| Free cash flow | −$1.8M | −$1.8M | −$1.2M | −$1.5M | −$917,165 | −$1.4M | −$1.2M | −$673,207 | −$1.3M | −$829,597 | −$1.0M | −$714,096 |
| Free cash flow margin | −14,814.8% | −11,787.7% | −687.4% | −8,079.0% | −1,299.3% | −3,477.3% | −4,233.8% | −1,868.4% | −4,870.0% | −1,054.5% | −5,058.7% | −2,961.5% |
| Capex / revenue | 405.2% | 329.6% | 19.6% | 0.0% | 0.0% | 0.0% | 59.7% | 352.5% | 226.1% | 84.3% | 169.6% | 53.9% |
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.
NXL cash generation
In fiscal 2025 (ended December 31, 2025), Nexalin Technology generated -$5.0 million of cash from operations and spent $0.1 million on capital expenditures, leaving free cash flow of -$5.0 million, −1,643.5% of revenue. Cash and equivalents rose by $0.1 million over the year.
Related: NXL income statement, NXL balance sheet. See the NXL stock overview for the latest quote and news.
NXL cash flow FAQ
What is Nexalin Technology's free cash flow?
Nexalin Technology's free cash flow was -$5.0 million in fiscal 2025: -$5.0 million of operating cash flow minus $0.1 million of capital expenditures It was -$4.1 million a year earlier..
How much cash does Nexalin Technology generate from operations?
Nexalin Technology generated -$5.0 million of cash from operating activities in fiscal 2025.
How much does Nexalin Technology spend on capital expenditures?
Nexalin Technology spent $0.1 million on capital expenditures in fiscal 2025, 32.1% of revenue, compared with $0.2 million the year before.