XCHG Limited American Depositary Share (XCH) Cash Flow Statement
Where XCH’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$7.5M
- Capital expenditures
- $677,415 2.7% of revenue
- Free cash flow
- −$8.2M −32.7% margin
- Returned to shareholders
- —
- Change in cash
- −$12.9M cash at year-end $13.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
XCH operating cash flow, capex and free cash flow
XCH cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$6.5M2021 | −$7.5M2025 | — | |
| Capital expenditures | $92,9682021 | $677,4152025 | +64.3%/yr | |
| Free cash flow | −$6.6M2021 | −$8.2M2025 | — | |
| Free cash flow margin | −50.0%2021 | −32.7%2025 | +17.3 pts | |
| Stock-based compensation | $02021 | $20.9M2025 | — | |
| Share buybacks (net) | $181,1582021 | $02023 | −100.0% | |
| Capex / revenue | 0.7%2021 | 2.7%2025 | +2.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
XCH cash flow by activity
XCH 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).
XCH cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −$32.5M | −$11.9M | −$8.1M | $1.6M | −$2.1M |
| Depreciation & amortization | $275,252 | $232,918 | $202,884 | $138,051 | $217,291 |
| Stock-based compensation | $20.9M | $7.0M | $7.5M | $0 | $0 |
| Change in working capital | $3.1M | −$3.2M | −$7.1M | −$1.2M | −$5.7M |
| Other non-cash items | $694,168 | $664,372 | $1.9M | $297,700 | $1.0M |
| Cash from operating activities | −$7.5M | −$7.2M | −$5.6M | $848,699 | −$6.5M |
| Investing activities | |||||
| Capital expenditures | −$677,415 | −$613,657 | −$525,915 | −$213,673 | −$92,968 |
| Investments (net) | — | −$533,657 | $2.3M | $1.2M | −$4.8M |
| Acquisitions & other investing | −$821,769 | $613,657 | $525,915 | $213,673 | $92,968 |
| Cash from investing activities | −$1.5M | −$533,657 | $2.3M | $1.2M | −$4.8M |
| Financing activities | |||||
| Share repurchases & issuance (net) | — | — | $0 | $0 | −$181,158 |
| Net borrowing (repayment) | −$2.6M | $1.3M | $12.7M | $2.6M | −$619,840 |
| Shares issued | $0 | $19.1M | $0 | $0 | $16.1M |
| Other financing | −$1.8M | −$1.2M | −$2.0M | −$364,702 | −$120,289 |
| Cash from financing activities | −$4.3M | $19.1M | $10.7M | $2.3M | $15.2M |
| Summary | |||||
| Net change in cash | −$12.9M | $11.1M | $7.0M | $3.8M | $4.0M |
| Cash at end of period | $13.9M | $26.8M | $15.7M | $8.7M | $4.8M |
| Free cash flow | −$8.2M | −$7.8M | −$6.1M | $635,026 | −$6.6M |
| Free cash flow margin | −32.7% | −18.5% | −15.8% | 2.2% | −50.0% |
| Capex / revenue | 2.7% | 1.5% | 1.4% | 0.7% | 0.7% |
| Operating cash flow / net income | — | — | — | 0.53 | — |
| Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | $732,918 | −$1.4M | −$8.9M | $2.0M | $198,440 | — | — |
| Other non-cash items | −$4.8M | −$1.1M | $5.0M | $1.7M | −$3.1M | — | — |
| Cash from operating activities | −$4.0M | −$2.5M | −$3.9M | $3.7M | −$2.9M | $1.9M | $5.4M |
| Investing activities | |||||||
| Capital expenditures | −$7,938 | −$109,087 | −$203,155 | −$148,689 | −$362,362 | −$102,662 | −$18,043 |
| Investments (net) | −$115,625 | −$203,825 | $1.2M | −$1.3M | $2.5M | — | — |
| Acquisitions & other investing | $7,938 | $109,087 | $203,155 | $148,689 | $362,362 | $1.4M | $4.8M |
| Cash from investing activities | −$115,625 | −$203,825 | $1.2M | −$1.3M | $2.5M | $1.3M | $4.7M |
| Financing activities | |||||||
| Net borrowing (repayment) | $1.1M | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $178,272 | $1.5M | $7.0M | $1.8M | $522,054 | $1.3M | −$14.3M |
| Cash from financing activities | $1.3M | $1.5M | $7.0M | $1.8M | $522,054 | $1.3M | −$14.3M |
| Summary | |||||||
| Net change in cash | −$2.9M | −$908,786 | $7.9M | −$285,450 | $285,450 | $4.7M | −$886,858 |
| Cash at end of period | $12.8M | $15.7M | $16.6M | $8.7M | $9.0M | $8.7M | $3.9M |
| Free cash flow | −$4.0M | −$2.6M | −$4.1M | $3.9M | −$3.3M | $1.8M | $5.4M |
| Free cash flow margin | −36.3% | −24.7% | −49.2% | 31.8% | −44.0% | 17.7% | 52.4% |
| Capex / revenue | 0.1% | 1.0% | 2.4% | 1.2% | 4.9% | 1.0% | 0.2% |
| Operating cash flow / net income | −5.51 | — | — | 1.84 | −14.56 | — | — |
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.
XCH cash generation
In fiscal 2025 (ended December 31, 2025), XCHG Limited American Depositary Share generated -$7.5 million of cash from operations and spent $0.7 million on capital expenditures, leaving free cash flow of -$8.2 million, −32.7% of revenue. Cash and equivalents fell by $12.9 million over the year.
Related: XCH income statement, XCH balance sheet. See the XCH stock overview for the latest quote and news.
XCH cash flow FAQ
What is XCHG Limited American Depositary Share's free cash flow?
XCHG Limited American Depositary Share's free cash flow was -$8.2 million in fiscal 2025: -$7.5 million of operating cash flow minus $0.7 million of capital expenditures It was -$7.8 million a year earlier..
How much cash does XCHG Limited American Depositary Share generate from operations?
XCHG Limited American Depositary Share generated -$7.5 million of cash from operating activities in fiscal 2025.
How much does XCHG Limited American Depositary Share spend on capital expenditures?
XCHG Limited American Depositary Share spent $0.7 million on capital expenditures in fiscal 2025, 2.7% of revenue, compared with $0.6 million the year before.