Powell Max Limited Class A (PMAX) Cash Flow Statement

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

Where PMAX’s cash came from and went, 2025

December 31, 2025 · Hong Kong dollars

Cash from operations: −HK$8.7M
Capital expenditures: HK$20,998
Free cash flow: −HK$8.8M
Returned to shareholders: —
Change in cash: −HK$35.4M

Cash from operations

−HK$8.7M

Acquisitions & other

−HK$28.0M

Net borrowing (repayment)

−HK$7.1M

Shares issued

+HK$8.6M

Other financing

−HK$101,108

Change in cash

−HK$35.4M

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

PMAX operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

PMAX cash flow trends, 2024–2025

Powell Max Limited Class A cash flow trends
Metric	Then	Latest	Change
Operating cash flow	−HK$11.4M2024	−HK$8.7M2025	—
Capital expenditures	HK$1.5M2024	HK$20,9982025	−98.6%/yr
Free cash flow	−HK$12.9M2024	−HK$8.8M2025	—
Free cash flow margin	−35.5%2024	−18.4%2025	+17.1 pts
Stock-based compensation	HK$02024	HK$117,0002025	—
Dividends paid	HK$02024	HK$02025	—
Capex / revenue	4.1%2024	0.0%2025	−4.1 pts

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

PMAX cash flow by activity

OperatingInvestingFinancingChange in cash

PMAX 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).

PMAX cash flow statement in Hong Kong dollars

Powell Max Limited Class A annual cash flow statement
	2025	2024
Operating activities
Net income	−HK$23.5M	−HK$18.1M
Depreciation & amortization	HK$3.6M	HK$4.5M
Stock-based compensation	HK$117,000	HK$0
Change in working capital	HK$253,519	HK$1,309
Other non-cash items	HK$10.8M	HK$2.2M
Cash from operating activities	−HK$8.7M	−HK$11.4M
Investing activities
Capital expenditures	−HK$20,998	−HK$1.5M
Investments (net)	—	−HK$1.2M
Acquisitions & other investing	−HK$28.0M	HK$1.5M
Cash from investing activities	−HK$28.0M	−HK$1.2M
Financing activities
Dividends paid	HK$0	HK$0
Net borrowing (repayment)	−HK$7.1M	HK$16.0M
Shares issued	HK$8.6M	HK$32.2M
Other financing	−HK$101,108	HK$3.0M
Cash from financing activities	HK$1.4M	HK$51.2M
Summary
Net change in cash	−HK$35.4M	HK$38.6M
Cash at end of period	HK$6.9M	HK$42.2M
Free cash flow	−HK$8.8M	−HK$12.9M
Free cash flow margin	−18.4%	−35.5%
Capex / revenue	0.0%	4.1%

Powell Max Limited Class A quarterly cash flow statement
	Mar '26	Jun '25	Mar '25	Jun '24	Dec '23	Jun '23
Operating activities
Net income	−HK$3.1M	−HK$20.5M	−HK$2.4M	HK$780,224	HK$3.4M	HK$3.7M
Depreciation & amortization	HK$1.8M	HK$1.8M	HK$246,647	HK$2.5M	HK$2.5M	HK$2.5M
Change in working capital	HK$2.7M	−HK$2.5M	HK$221,611	−HK$1.7M	−HK$3.3M	−HK$3.2M
Other non-cash items	HK$12.2M	−HK$1.3M	HK$254,677	HK$379,209	HK$1.2M	HK$173,140
Cash from operating activities	HK$13.6M	−HK$22.5M	−HK$1.7M	HK$2.0M	HK$3.9M	HK$3.1M
Investing activities
Capital expenditures	−HK$54	−HK$21,146	−HK$129,626	−HK$482,340	−HK$186,017	−HK$101,242
Acquisitions & other investing	−HK$973,045	−HK$27.3M	−HK$2	HK$15	HK$17	−HK$15
Cash from investing activities	−HK$973,099	−HK$27.3M	−HK$129,628	−HK$482,325	−HK$186,000	−HK$101,257
Financing activities
Shares issued	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0
Other financing	−HK$14.6M	HK$16.2M	HK$7.0M	−HK$3.1M	−HK$2.2M	−HK$2.2M
Cash from financing activities	−HK$14.6M	HK$16.2M	HK$7.0M	−HK$3.1M	−HK$2.2M	−HK$2.2M
Summary
Net change in cash	−HK$2.0M	−HK$33.8M	HK$5.2M	−HK$1.6M	HK$3.7M	—
Cash at end of period	HK$6.9M	HK$8.9M	HK$5.4M	HK$2.1M	HK$3.7M	—
Free cash flow	HK$13.6M	−HK$22.5M	−HK$1.8M	HK$1.5M	HK$3.7M	HK$3.0M
Free cash flow margin	57.3%	−93.3%	−13.3%	6.5%	15.4%	12.0%
Capex / revenue	0.0%	0.1%	0.9%	2.1%	0.8%	0.4%
Operating cash flow / net income	—	—	—	2.50	1.13	0.85

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Hong Kong dollars as reported; data from EODHD.

PMAX cash generation

In fiscal 2025 (ended December 31, 2025), Powell Max generated -HK$8.7 million of cash from operations and spent HK$0.0 million on capital expenditures, leaving free cash flow of -HK$8.8 million, −18.4% of revenue. Cash and equivalents fell by HK$35.4 million over the year.

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

PMAX cash flow FAQ

What is Powell Max's free cash flow?

Powell Max's free cash flow was -HK$8.8 million in fiscal 2025: -HK$8.7 million of operating cash flow minus HK$0.0 million of capital expenditures It was -HK$12.9 million a year earlier..

How much cash does Powell Max generate from operations?

Powell Max generated -HK$8.7 million of cash from operating activities in fiscal 2025.

How much does Powell Max spend on capital expenditures?

Powell Max spent HK$0.0 million on capital expenditures in fiscal 2025, 0.0% of revenue, compared with HK$1.5 million the year before.