Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (XNDU) Cash Flow Statement
Where XNDU’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- −C$2.7M
- Capital expenditures
- C$8.9M 192.0% of revenue
- Free cash flow
- −C$2.7M −59.1% margin
- Returned to shareholders
- —
- Change in cash
- C$367,345 cash at year-end C$367,345
Drawn to scale: where the cash came from and how it was used. Hover for values.
XNDU operating cash flow, capex and free cash flow
XNDU cash flow trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$29.5M2023 | −C$2.7M2025 | — | |
| Capital expenditures | C$10.4M2023 | C$8.9M2025 | −7.8%/yr | |
| Free cash flow | −C$40.0M2023 | −C$2.7M2025 | — | |
| Free cash flow margin | −1,612.2%2023 | −59.1%2025 | +1,553.2 pts | |
| Stock-based compensation | C$2.2M2023 | C$4.0M2025 | +34.9%/yr | |
| Capex / revenue | 420.3%2023 | 192.0%2025 | −228.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
XNDU cash flow by activity
XNDU 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).
XNDU cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Operating activities | |||
| Net income | C$4.9M | −C$46.0M | −C$35.6M |
| Depreciation & amortization | C$6.7M | C$5.7M | C$4.5M |
| Stock-based compensation | C$4.0M | C$2.9M | C$2.2M |
| Change in working capital | C$777,225 | −C$5.4M | −C$2.2M |
| Other non-cash items | −C$19.1M | C$1.1M | C$1.6M |
| Cash from operating activities | −C$2.7M | −C$41.7M | −C$29.5M |
| Investing activities | |||
| Capital expenditures | −C$8.9M | −C$6.7M | −C$10.4M |
| Acquisitions & other investing | −C$293.0M | C$0 | C$449,000 |
| Cash from investing activities | −C$301.9M | −C$6.7M | −C$10.0M |
| Financing activities | |||
| Net borrowing (repayment) | C$12.1M | C$9.2M | C$4.2M |
| Shares issued | C$0 | C$0 | C$0 |
| Other financing | C$292.9M | C$82,000 | C$115,000 |
| Cash from financing activities | C$305.0M | C$9.3M | C$4.3M |
| Summary | |||
| Net change in cash | C$367,345 | −C$39.8M | −C$34.5M |
| Cash at end of period | C$367,345 | C$77.6M | C$117.5M |
| Free cash flow | −C$2.7M | −C$48.4M | −C$40.0M |
| Free cash flow margin | −59.1% | −3,046.7% | −1,612.2% |
| Capex / revenue | 192.0% | 420.1% | 420.3% |
| Operating cash flow / net income | −0.55 | — | — |
| Mar '26 | Dec '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −C$20.6M | C$695,896 | −C$12.2M | −C$10.8M | −C$14.1M | −C$17.7M | −C$16.7M |
| Depreciation & amortization | C$1.8M | C$2.0M | C$1.5M | C$1.4M | C$2.0M | C$1.9M | C$1.9M |
| Stock-based compensation | C$1.4M | C$1.3M | C$811,000 | C$824,000 | C$998,004 | C$883,863 | C$902,123 |
| Change in working capital | C$12.0M | C$1.0M | −C$6.6M | −C$3.5M | −C$4.4M | C$776,457 | C$768,699 |
| Other non-cash items | −C$1.7M | −C$6.3M | C$196,000 | C$257,000 | C$512,526 | C$1.2M | C$402,979 |
| Cash from operating activities | −C$7.0M | −C$1.4M | −C$16.3M | −C$11.9M | −C$14.9M | −C$12.9M | −C$12.8M |
| Investing activities | |||||||
| Capital expenditures | −C$528,000 | −C$8 | −C$1.8M | −C$2.4M | −C$1.1M | −C$1.3M | −C$1.3M |
| Acquisitions & other investing | C$0 | — | C$0 | C$0 | −C$711,316 | −C$638,270 | −C$631,893 |
| Cash from investing activities | −C$528,000 | — | −C$1.8M | −C$2.4M | −C$1.9M | −C$2.0M | −C$2.0M |
| Financing activities | |||||||
| Net borrowing (repayment) | C$228,000 | C$3.4M | C$2.2M | C$2.0M | — | — | — |
| Shares issued | C$263.6M | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | C$534,000 | −C$2.4M | C$54,000 | C$23,000 | C$2.3M | C$3.8M | C$3.7M |
| Cash from financing activities | C$264.4M | C$960,491 | C$2.2M | C$2.0M | C$2.3M | C$3.8M | C$3.7M |
| Summary | |||||||
| Net change in cash | C$256.3M | −C$418,094 | −C$16.0M | −C$12.6M | C$122.0M | — | — |
| Cash at end of period | C$272.5M | C$367,345 | C$61.7M | C$77.6M | C$122.0M | — | — |
| Free cash flow | −C$7.6M | −C$1.4M | −C$18.1M | −C$14.3M | −C$16.1M | −C$14.2M | −C$14.1M |
| Free cash flow margin | −267.1% | −73.5% | −2,595.0% | −2,008.2% | −3,337.8% | — | — |
| Capex / revenue | 18.6% | 0.0% | 264.1% | 340.8% | 237.1% | — | — |
| Operating cash flow / net income | — | −1.98 | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
XNDU cash generation
In fiscal 2025 (ended December 31, 2025), Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares generated -C$2.7 million of cash from operations and spent C$8.9 million on capital expenditures, leaving free cash flow of -C$2.7 million, −59.1% of revenue. Cash and equivalents rose by C$0.4 million over the year.
Related: XNDU income statement, XNDU balance sheet. See the XNDU stock overview for the latest quote and news.
XNDU cash flow FAQ
What is Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares's free cash flow?
Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares's free cash flow was -C$2.7 million in fiscal 2025: -C$2.7 million of operating cash flow minus C$8.9 million of capital expenditures It was -C$48.4 million a year earlier..
How much cash does Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares generate from operations?
Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares generated -C$2.7 million of cash from operating activities in fiscal 2025, −0.55 times its net income of C$4.9 million.
How much does Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares spend on capital expenditures?
Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares spent C$8.9 million on capital expenditures in fiscal 2025, 192.0% of revenue, compared with C$6.7 million the year before.