Stablecoin Development Corporation (SDEV) Cash Flow Statement
Where SDEV’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$8.4M
- Capital expenditures
- $0
- Free cash flow
- −$8.4M
- Returned to shareholders
- $7.0M
- Change in cash
- $7.5M cash at year-end $8.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SDEV operating cash flow, capex and free cash flow
SDEV cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$12.1M2016 | −$8.4M2025 | — | |
| Capital expenditures | $160,0002016 | $02025 | −100.0% | |
| Free cash flow | −$12.3M2016 | −$8.4M2025 | — | |
| Free cash flow margin | −103.3%2016 | −40.9%2023 | +62.4 pts | |
| Stock-based compensation | $220,0002022 | $29,0002025 | −49.1%/yr | |
| Dividends paid | $02024 | $4.8M2025 | — | |
| Share buybacks (net) | $02024 | $2.2M2025 | — | |
| Capex / revenue | 1.3%2016 | 0.2%2023 | −1.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SDEV cash flow by activity
SDEV 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).
SDEV cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$33.2M | −$8.8M | −$6.1M | −$16.3M | −$5.8M | −$11.0M | −$9.7M | −$6.5M | −$7.4M | −$13.2M |
| Depreciation & amortization | $140,000 | $341,000 | $356,000 | $483,000 | $119,000 | $51,000 | $65,000 | $266,000 | $95,000 | $114,000 |
| Stock-based compensation | $29,000 | $148,000 | $291,000 | $220,000 | — | — | — | — | — | — |
| Change in working capital | −$965,000 | −$463,000 | −$433,000 | $533,000 | −$38,000 | $137,000 | $958,000 | $1.4M | −$1.6M | −$3.2M |
| Other non-cash items | $25.6M | $1.2M | $1.7M | $8.4M | −$3.4M | $6.1M | $489,000 | −$639,000 | $2.6M | $4.1M |
| Cash from operating activities | −$8.4M | −$7.5M | −$4.3M | −$6.7M | −$9.2M | −$4.8M | −$8.2M | −$5.6M | −$6.3M | −$12.1M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | −$6,000 | −$19,000 | −$112,000 | −$52,000 | −$26,000 | −$19,000 | −$44,000 | −$244,000 | −$160,000 |
| Acquisitions & other investing | — | — | $0 | $0 | −$12.0M | $0 | $0 | $0 | $0 | $0 |
| Cash from investing activities | — | — | −$19,000 | −$112,000 | −$12.0M | −$26,000 | −$19,000 | −$44,000 | −$244,000 | −$160,000 |
| Financing activities | ||||||||||
| Dividends paid | −$4.8M | $0 | — | — | — | — | — | — | — | — |
| Share repurchases & issuance (net) | −$2.2M | $0 | — | — | — | — | — | — | — | — |
| Net borrowing (repayment) | −$2.5M | −$1.5M | $1.5M | −$105,000 | — | — | — | — | — | — |
| Shares issued | $5.8M | $2.9M | $0 | $3.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $8.3M | $132,000 | $384,000 | $1.7M | $16.8M | $9.8M | $11.9M | $5.6M | $201,000 | $19.4M |
| Cash from financing activities | $4.6M | $1.5M | $1.9M | $4.6M | $16.8M | $9.8M | $11.9M | $5.6M | $201,000 | $19.4M |
| Summary | ||||||||||
| Net change in cash | $7.5M | −$2.5M | −$2.4M | −$2.1M | −$4.4M | $5.0M | $3.8M | −$16,000 | −$6.3M | $7.1M |
| Cash at end of period | $8.0M | $430,000 | $2.9M | $5.4M | $7.5M | $12.0M | $6.9M | $3.2M | $3.2M | $9.5M |
| Free cash flow | −$8.4M | −$7.5M | −$4.3M | −$6.8M | −$9.2M | −$4.8M | −$8.2M | −$5.6M | −$6.5M | −$12.3M |
| Free cash flow margin | — | — | −40.9% | −47.0% | −90.6% | −48.5% | −124.2% | −44.9% | −35.7% | −103.3% |
| Capex / revenue | — | — | 0.2% | 0.8% | 0.5% | 0.3% | 0.3% | 0.4% | 1.3% | 1.3% |
| 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 | −$41.1M | $552.4M | −$26.6M | −$1.3M | −$2.0M | −$3.3M | −$1.9M | −$1.9M | −$2.1M | −$2.9M | −$1.7M | −$1.4M |
| Depreciation & amortization | $0 | $0 | $13,000 | $34,000 | $38,000 | $55,000 | $63,000 | $87,000 | $92,000 | $96,000 | $95,000 | $13,000 |
| Stock-based compensation | $3.2M | $25,000 | $23,000 | $0 | $4,000 | $2,000 | $11,000 | — | — | — | — | — |
| Change in working capital | −$3.8M | $2.4M | −$543,000 | −$667,000 | −$1.1M | $1.3M | $133,000 | −$844,000 | −$18,000 | $266,000 | $290,000 | −$112,000 |
| Other non-cash items | $35.7M | −$556.7M | $24.8M | $126,000 | $20,000 | $615,000 | $130,000 | $169,000 | $560,000 | $584,000 | $906,000 | $806,000 |
| Cash from operating activities | −$6.0M | −$1.8M | −$2.3M | −$1.8M | −$3.0M | −$1.3M | −$1.6M | −$2.4M | −$1.5M | −$2.0M | −$428,000 | −$646,000 |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | −$2,000 | $0 | $0 | −$2,000 | −$3,000 | −$1,000 |
| Investments (net) | −$7.6M | −$25.9M | — | — | $0 | $0 | — | — | — | — | — | — |
| Acquisitions & other investing | $0 | $0 | — | — | — | — | $4,000 | — | — | $0 | $0 | $0 |
| Cash from investing activities | −$7.6M | −$25.9M | — | — | — | — | $2,000 | — | — | −$2,000 | −$3,000 | −$1,000 |
| Financing activities | ||||||||||||
| Dividends paid | — | — | −$2,000 | −$4.8M | — | — | — | — | — | — | — | — |
| Share repurchases & issuance (net) | $0 | −$350,000 | −$187,000 | — | $1.8M | −$1.8M | — | — | — | — | — | — |
| Net borrowing (repayment) | $0 | $0 | −$2.0M | $0 | $0 | −$507,000 | $500,000 | — | — | — | — | — |
| Shares issued | $1.8M | $13.4M | $2.0M | $3.8M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $25.3M | $8.0M | −$290,000 | −$2.0M | $614,000 | −$115,000 | $2.1M | −$377,000 | −$597,000 | −$320,000 | −$577,000 |
| Cash from financing activities | $1.8M | $38.3M | $7.8M | −$1.3M | −$174,000 | −$1.7M | $385,000 | $2.1M | −$377,000 | −$597,000 | −$320,000 | −$577,000 |
| Summary | ||||||||||||
| Net change in cash | −$11.3M | $16.1M | $5.6M | −$3.2M | −$3.1M | $8.2M | −$346,000 | $25,000 | −$1.1M | −$1.1M | −$548,000 | −$942,000 |
| Cash at end of period | $7.1M | $18.4M | $8.0M | $2.3M | $5.5M | $8.6M | $430,000 | $776,000 | $751,000 | $1.8M | $2.9M | $3.5M |
| Free cash flow | −$6.0M | −$1.8M | −$2.3M | −$1.8M | −$3.0M | −$1.3M | −$1.6M | −$2.4M | −$1.5M | −$2.0M | −$431,000 | −$647,000 |
| Free cash flow margin | −270.4% | −73.2% | — | −353.2% | — | — | −67.5% | — | — | — | −20.5% | −26.1% |
| Capex / revenue | 0.0% | 0.0% | — | 0.0% | — | — | 0.1% | — | — | — | 0.1% | 0.0% |
| Operating cash flow / net income | — | −0.00 | — | — | — | — | — | — | — | — | — | — |
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.
SDEV cash generation
In fiscal 2025 (ended December 31, 2025), Stablecoin Development generated -$8.4 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$8.4 million. It returned $7.0 million to shareholders through dividends ($4.8 million) and net share buybacks ($2.2 million). Cash and equivalents rose by $7.5 million over the year.
Related: SDEV income statement, SDEV balance sheet. See the SDEV stock overview for the latest quote and news.
SDEV cash flow FAQ
What is Stablecoin Development's free cash flow?
Stablecoin Development's free cash flow was -$8.4 million in fiscal 2025: -$8.4 million of operating cash flow minus $0 of capital expenditures It was -$7.5 million a year earlier..
How much cash does Stablecoin Development generate from operations?
Stablecoin Development generated -$8.4 million of cash from operating activities in fiscal 2025.
How much stock does Stablecoin Development buy back?
Stablecoin Development spent $2.2 million on net share repurchases in fiscal 2025.
How much does Stablecoin Development pay in dividends?
Stablecoin Development paid $4.8 million in dividends in fiscal 2025.