AgEagle Aerial Systems, Inc. (UAVS) Cash Flow Statement
Where UAVS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$10.0M
- Capital expenditures
- $74,658 0.6% of revenue
- Free cash flow
- −$10.0M −78.3% margin
- Returned to shareholders
- $201,867
- Change in cash
- $26.2M cash at year-end $29.9M
Cash from operations
−$10.0M
Capital expenditures
−$74,658
Dividends
−$201,867
Net borrowing (repayment)
−$393,118
Shares issued
+$24.3M
Other financing
+$12.5M
Currency & other
+$72,875
Change in cash
$26.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
UAVS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
UAVS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$2.1M2016 | −$10.0M2025 | — | |
| Capital expenditures | $258,7722016 | $74,6582025 | −12.9%/yr | |
| Free cash flow | −$2.4M2016 | −$10.0M2025 | — | |
| Free cash flow margin | −95.8%2016 | −78.3%2025 | +17.4 pts | |
| Stock-based compensation | $110,5932018 | $417,7472025 | +20.9%/yr | |
| Dividends paid | $3.01B2016 | $201,8672025 | −65.6%/yr | |
| Share buybacks (net) | $02016 | $2.9M2022 | — | |
| Capex / revenue | 10.5%2016 | 0.6%2025 | −9.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
UAVS cash flow by activity
OperatingInvestingFinancingChange in cash
UAVS 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).
UAVS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$5.3M | −$35.0M | −$42.4M | −$58.3M | −$30.1M | −$4.9M | −$2.5M | −$2.1M | $8.3M | −$13.2M |
| Depreciation & amortization | $809,731 | $1.1M | $4.5M | $3.9M | $1.5M | $173,661 | $171,588 | $65,362 | $18,453 | $413,967 |
| Stock-based compensation | $417,747 | $80,606 | $1.3M | $3.4M | $4.5M | $401,999 | $260,311 | $110,593 | — | — |
| Change in working capital | −$3.2M | $2.1M | $1.1M | −$4.3M | −$3.8M | $1.8M | −$80,979 | −$275,010 | $1.3M | −$354,725 |
| Other non-cash items | −$2.7M | $25.3M | $24.5M | $35.1M | $15.4M | $298,094 | $353,484 | $400,600 | −$10.9M | $11.0M |
| Cash from operating activities | −$10.0M | −$6.6M | −$11.0M | −$20.1M | −$12.5M | −$2.3M | −$1.8M | −$1.8M | −$1.2M | −$2.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$74,658 | −$49,488 | −$215,357 | −$1.7M | −$1.9M | −$179,023 | −$24,445 | −$24,445 | −$4,632 | −$258,772 |
| Investments (net) | — | −$94,077 | −$861,134 | −$8.4M | −$42.5M | −$779,023 | −$24,445 | −$1.6M | −$4,632 | −$308,772 |
| Acquisitions & other investing | $0 | $49,488 | — | $1.7M | $1.9M | $179,023 | $24,445 | $24,445 | $4,632 | $258,772 |
| Cash from investing activities | −$74,658 | −$94,077 | — | −$8.4M | −$42.5M | −$779,023 | −$24,445 | −$1.6M | −$4,632 | −$308,772 |
| Financing activities | ||||||||||
| Dividends paid | −$201,867 | −$234,439 | −$339,631 | −$172,596 | — | −$9.1M | −$163,555 | — | −$208.5M | −$3.01B |
| Share repurchases & issuance (net) | — | — | — | −$2.9M | $0 | −$1.1M | −$1.1M | −$210,643 | $208.7M | $500,000 |
| Net borrowing (repayment) | −$393,118 | −$5.6M | −$91,856 | $3.3M | $3.3M | $107,439 | −$40,998 | −$84,559 | $436,055 | $330,000 |
| Shares issued | $24.3M | $10.5M | $6.8M | $14.5M | $37.2M | $23.8M | $13.9M | $6.2M | $0 | $0 |
| Other financing | $12.5M | $4.9M | $2.2M | $3.2M | $5.1M | $12.6M | −$12.6M | $0 | −$225,000 | $3.01B |
| Cash from financing activities | $36.2M | $9.5M | $8.6M | $17.9M | $45.6M | $26.3M | −$40,998 | $5.9M | $436,055 | −$566,230 |
| Summary | ||||||||||
| Net change in cash | $26.2M | $2.8M | −$3.5M | −$10.2M | −$9.3M | $23.2M | −$1.9M | $2.6M | $549,901 | −$3.0M |
| Cash at end of period | $29.9M | $3.6M | $819,024 | $4.3M | $14.6M | $23.9M | $717,997 | $2.6M | $677,936 | $128,035 |
| Free cash flow | −$10.0M | −$6.6M | −$11.2M | −$21.9M | −$14.4M | −$2.4M | −$1.8M | −$1.8M | −$1.2M | −$2.4M |
| Free cash flow margin | −78.3% | −49.4% | −81.3% | −114.5% | −147.2% | −189.5% | −621.1% | −1,649.3% | −93.8% | −95.8% |
| Capex / revenue | 0.6% | 0.4% | 1.6% | 9.2% | 19.5% | 13.9% | 8.2% | 22.7% | 0.3% | 10.5% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | −0.15 | — |
| 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 | −$14.0M | $39,882 | −$8.4M | −$2.6M | −$1.3M | $7.1M | −$22.3M | −$3.5M | −$2.9M | −$6.3M | −$24.5M | −$8.0M |
| Depreciation & amortization | $75,716 | $76,017 | −$6,807 | $242,536 | $327,352 | $246,650 | $260,796 | $139,741 | $394,096 | $281,448 | $784,126 | $1.0M |
| Stock-based compensation | $138,182 | $74,609 | $106,057 | $149,980 | $111,830 | $49,880 | $16,815 | $16,676 | $28,535 | $18,580 | $180,120 | $142,844 |
| Change in working capital | −$676,893 | $2.5M | $83,096 | −$1.1M | −$1.3M | −$906,390 | −$146,257 | $845,798 | $880,976 | $474,777 | $552,653 | $1.5M |
| Other non-cash items | $8.5M | −$5.1M | $5.6M | −$5,000 | −$600,758 | −$7.7M | $19.7M | $1.4M | $195,764 | $4.0M | $20.9M | $3.3M |
| Cash from operating activities | −$6.0M | −$2.4M | −$2.6M | −$3.3M | −$2.7M | −$1.3M | −$2.5M | −$1.1M | −$1.4M | −$1.6M | −$2.1M | −$2.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$198,094 | −$356,982 | −$36,320 | −$14,453 | −$13,458 | −$10,424 | −$14,500 | −$14,092 | −$49,914 | −$43,081 | −$212,854 | −$139,772 |
| Investments (net) | −$10.0M | −$3.0M | — | −$14,456 | −$13,458 | −$10,424 | $2,010 | −$3,092 | −$49,914 | −$43,081 | −$212,854 | −$139,772 |
| Acquisitions & other investing | −$57,833 | $0 | $0 | $14,453 | $13,458 | $10,424 | $14,500 | $14,092 | $49,914 | $43,081 | — | $139,772 |
| Cash from investing activities | −$10.3M | −$3.4M | −$36,320 | −$14,456 | −$13,458 | −$10,424 | $2,010 | −$3,092 | −$49,914 | −$43,081 | — | −$139,772 |
| Financing activities | ||||||||||||
| Dividends paid | −$50,955 | −$853,679 | −$141,272 | −$155,800 | $0 | −$67,651 | −$75,577 | −$97,627 | — | −$61,235 | — | — |
| Share repurchases & issuance (net) | — | — | — | — | — | $0 | — | $3.0M | −$113,683 | −$159,293 | — | $0 |
| Net borrowing (repayment) | −$52,440 | $0 | −$3,233 | −$92,115 | −$61,840 | −$235,930 | −$5.0M | −$581,542 | — | — | — | −$46,125 |
| Shares issued | $5.5M | $2.8M | $15.5M | $4.3M | $3.0M | $1.5M | $6.4M | $1.0M | $2.1M | $950,000 | $1.8M | $0 |
| Other financing | −$149,999 | $794,275 | $457,666 | $10.4M | $1.6M | $238,484 | $4.6M | −$3.0M | −$313,953 | $912,422 | −$4,804 | $0 |
| Cash from financing activities | $5.2M | $2.7M | $15.8M | $14.4M | $4.5M | $1.4M | $5.9M | $318,224 | $1.6M | $1.6M | $1.8M | −$46,125 |
| Summary | ||||||||||||
| Net change in cash | −$11.0M | −$2.9M | $13.2M | $11.1M | $1.7M | $170,663 | $3.3M | −$712,082 | $154,287 | $3,897 | −$781,119 | −$2.6M |
| Cash at end of period | $15.9M | $26.9M | $29.9M | $16.6M | $5.5M | $3.8M | $3.6M | $265,126 | $977,208 | $822,921 | $1.6M | $1.6M |
| Free cash flow | −$6.2M | −$2.7M | −$2.7M | −$3.3M | −$2.8M | −$1.3M | −$2.5M | −$1.1M | −$1.5M | −$1.6M | −$2.3M | −$2.2M |
| Free cash flow margin | −231.2% | −193.9% | −88.8% | −168.0% | −65.7% | −35.8% | −89.7% | −33.1% | −43.6% | −41.0% | −80.1% | −62.7% |
| Capex / revenue | 7.4% | 25.5% | 1.2% | 0.7% | 0.3% | 0.3% | 0.5% | 0.4% | 1.5% | 1.1% | 7.3% | 4.0% |
| Operating cash flow / net income | — | −59.18 | — | — | — | −0.18 | — | — | — | — | — | — |
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.
UAVS cash generation
In fiscal 2025 (ended December 31, 2025), AgEagle Aerial Systems generated -$10.0 million of cash from operations and spent $0.1 million on capital expenditures, leaving free cash flow of -$10.0 million, −78.3% of revenue. It returned $0.2 million to shareholders through dividends ($0.2 million) and net share buybacks ($0). Cash and equivalents rose by $26.2 million over the year.
Related: UAVS income statement, UAVS balance sheet. See the UAVS stock overview for the latest quote and news.
UAVS cash flow FAQ
What is AgEagle Aerial Systems's free cash flow?
AgEagle Aerial Systems's free cash flow was -$10.0 million in fiscal 2025: -$10.0 million of operating cash flow minus $0.1 million of capital expenditures It was -$6.6 million a year earlier..
How much cash does AgEagle Aerial Systems generate from operations?
AgEagle Aerial Systems generated -$10.0 million of cash from operating activities in fiscal 2025.
How much does AgEagle Aerial Systems spend on capital expenditures?
AgEagle Aerial Systems spent $0.1 million on capital expenditures in fiscal 2025, 0.6% of revenue, compared with $0.0 million the year before.
How much does AgEagle Aerial Systems pay in dividends?
AgEagle Aerial Systems paid $0.2 million in dividends in fiscal 2025.