Quantum Cyber N.V. (QUCY) Cash Flow Statement
Where QUCY’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$11.0M
- Capital expenditures
- $1.1M 195.7% of revenue
- Free cash flow
- −$12.0M −2,240.0% margin
- Returned to shareholders
- —
- Change in cash
- −$5.3M cash at year-end $889,091
Drawn to scale: where the cash came from and how it was used. Hover for values.
QUCY operating cash flow, capex and free cash flow
QUCY cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$3.2M2021 | −$11.0M2025 | — | |
| Capital expenditures | $16,7052021 | $1.1M2025 | +181.7%/yr | |
| Free cash flow | −$3.2M2021 | −$12.0M2025 | — | |
| Free cash flow margin | −560.7%2021 | −2,240.0%2025 | −1,679.4 pts | |
| Stock-based compensation | $6.4M2021 | $2.7M2025 | −19.7%/yr | |
| Capex / revenue | 2.9%2021 | 195.7%2025 | +192.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
QUCY cash flow by activity
QUCY 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).
QUCY cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −$16.2M | −$21.7M | −$26.3M | −$26.4M | −$11.7M |
| Depreciation & amortization | $615,720 | $1.0M | $866,412 | $379,798 | $69,929 |
| Stock-based compensation | $2.7M | $1.1M | $4.0M | $9.8M | $6.4M |
| Change in working capital | −$1.6M | $51,746 | −$64,630 | $1.4M | −$138,616 |
| Other non-cash items | $3.6M | $2.4M | −$450,529 | $26,785 | $2.1M |
| Cash from operating activities | −$11.0M | −$17.1M | −$21.9M | −$14.8M | −$3.2M |
| Investing activities | |||||
| Capital expenditures | −$1.1M | −$254,949 | −$1.9M | −$658,483 | −$16,705 |
| Acquisitions & other investing | $17,815 | $56,132 | $0 | $0 | $1.2M |
| Cash from investing activities | −$1.0M | −$198,817 | −$1.9M | −$658,483 | $1.2M |
| Financing activities | |||||
| Net borrowing (repayment) | −$1.2M | $2.8M | $7.8M | −$304,971 | $185,374 |
| Shares issued | $8.2M | $13.8M | $6.4M | $23.9M | $10.4M |
| Other financing | −$243,405 | $0 | $0 | $382,500 | $0 |
| Cash from financing activities | $6.8M | $16.6M | $14.2M | $23.9M | $10.6M |
| Summary | |||||
| Net change in cash | −$5.3M | −$835,255 | −$10.1M | $8.4M | $8.6M |
| Cash at end of period | $889,091 | $6.2M | $7.1M | $17.1M | $8.7M |
| Free cash flow | −$12.0M | −$17.3M | −$23.8M | −$15.4M | −$3.2M |
| Free cash flow margin | −2,240.0% | −1,940.2% | −2,662.0% | −2,911.6% | −560.7% |
| Capex / revenue | 195.7% | 28.5% | 212.0% | 124.3% | 2.9% |
| 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 | −$11.0M | −$2.5M | −$3.9M | −$3.9M | −$3.3M | −$5.0M | −$5.3M | −$5.3M | −$5.5M | −$5.5M | −$5.2M | −$6.3M |
| Depreciation & amortization | $22,794 | $58,000 | $57,895 | $57,895 | $339,081 | $160,849 | $99,841 | $99,841 | $248,474 | $248,474 | $204,470 | $203,574 |
| Stock-based compensation | $2.2M | $976,531 | $665,560 | $665,560 | $124,297 | $1.2M | −$52,290 | −$52,290 | $514,190 | $514,192 | $818,991 | $1.1M |
| Change in working capital | −$2.1M | $739,255 | −$27,412 | −$27,412 | $300,835 | −$413,296 | −$260,311 | −$260,311 | $196,990 | $196,990 | −$189,073 | −$757,822 |
| Other non-cash items | $3.7M | −$2.0M | $1.0M | $1.0M | $3,025 | $93,449 | $908,011 | $908,011 | $479,856 | $479,852 | −$306,248 | −$741,803 |
| Cash from operating activities | −$7.2M | −$2.7M | −$2.2M | −$2.2M | −$2.6M | −$3.9M | −$4.6M | −$4.6M | −$4.1M | −$4.1M | −$4.7M | −$6.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$136,799 | −$657 | −$46 | −$46 | −$249,907 | −$201,216 | −$7,854 | −$7,854 | −$60,330 | −$60,330 | −$161,808 | −$12,478 |
| Acquisitions & other investing | $1.1M | −$650,001 | −$291,093 | −$291,093 | −$3,174 | $3,174 | $118,775 | $118,775 | −$150,000 | −$150,000 | −$99,999 | −$100,000 |
| Cash from investing activities | $913,201 | −$650,658 | −$291,139 | −$291,139 | −$253,081 | −$198,042 | $110,921 | $110,921 | −$210,330 | −$210,330 | −$261,807 | −$112,478 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | — | −$1,546 |
| Net borrowing (repayment) | −$204,201 | −$84,059 | — | — | −$447,100 | −$357,623 | — | — | — | — | — | — |
| Shares issued | $1 | $8.1M | $0 | $0 | $3.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $15.2M | −$736,954 | $2.0M | $2.0M | −$55,241 | $665 | $7.1M | $7.1M | $1.3M | $1.3M | $3.5M | $4.6M |
| Cash from financing activities | $15.0M | $7.3M | $2.0M | $2.0M | $3.0M | −$356,958 | $7.1M | $7.1M | $1.3M | $1.3M | $3.5M | $4.6M |
| Summary | ||||||||||||
| Net change in cash | $8.7M | −$2.6M | — | — | $75,644 | −$4.4M | — | −$977,764 | $977,764 | −$7.1M | −$2.2M | −$1.6M |
| Cash at end of period | $13.5M | $4.5M | $7.1M | — | $1.9M | $1.8M | $6.2M | — | $977,764 | — | $7.1M | $9.3M |
| Free cash flow | −$7.3M | −$2.7M | −$2.2M | −$2.2M | −$2.8M | −$4.1M | −$4.6M | −$4.6M | −$4.1M | −$4.1M | −$4.8M | −$6.5M |
| Free cash flow margin | — | — | −1,782.8% | −1,782.8% | −984.9% | — | — | — | — | — | — | — |
| Capex / revenue | — | — | 0.0% | 0.0% | 87.2% | — | — | — | — | — | — | — |
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.
QUCY cash generation
In fiscal 2025 (ended December 31, 2025), Quantum Cyber generated -$11.0 million of cash from operations and spent $1.1 million on capital expenditures, leaving free cash flow of -$12.0 million, −2,240.0% of revenue. Cash and equivalents fell by $5.3 million over the year.
Related: QUCY income statement, QUCY balance sheet. See the QUCY stock overview for the latest quote and news.
QUCY cash flow FAQ
What is Quantum Cyber's free cash flow?
Quantum Cyber's free cash flow was -$12.0 million in fiscal 2025: -$11.0 million of operating cash flow minus $1.1 million of capital expenditures It was -$17.3 million a year earlier..
How much cash does Quantum Cyber generate from operations?
Quantum Cyber generated -$11.0 million of cash from operating activities in fiscal 2025.
How much does Quantum Cyber spend on capital expenditures?
Quantum Cyber spent $1.1 million on capital expenditures in fiscal 2025, 195.7% of revenue, compared with $0.3 million the year before.