ZenaTech Inc. (ZENA) Cash Flow Statement
Where ZENA’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- −C$34.8M
- Capital expenditures
- C$7.8M 60.6% of revenue
- Free cash flow
- −C$42.6M −330.3% margin
- Returned to shareholders
- —
- Change in cash
- C$2.4M cash at year-end C$6.0M
Cash from operations
−C$34.8M
Capital expenditures
−C$7.8M
Investments (net)
−C$11.5M
Acquisitions & other
−C$9.5M
Net borrowing (repayment)
+C$64.1M
Other financing
+C$2.1M
Currency & other
−C$232,080
Change in cash
C$2.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ZENA operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ZENA cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$238,7172020 | −C$34.8M2025 | — | |
| Capital expenditures | C$250,0002020 | C$7.8M2025 | +99.1%/yr | |
| Free cash flow | −C$488,7172020 | −C$42.6M2025 | — | |
| Free cash flow margin | −49.2%2020 | −330.3%2025 | −281.1 pts | |
| Stock-based compensation | C$182,4002020 | C$2.9M2025 | +73.8%/yr | |
| Share buybacks (net) | C$46,0382022 | C$02023 | −100.0% | |
| Capex / revenue | 25.2%2020 | 60.6%2025 | +35.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ZENA cash flow by activity
OperatingInvestingFinancingChange in cash
ZENA 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).
ZENA cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −C$44.4M | −C$4.5M | −C$241,504 | C$14,276 | −C$216,099 | −C$211,934 |
| Depreciation & amortization | C$2.2M | C$281,749 | C$263,059 | C$246,907 | C$157,973 | C$32,164 |
| Stock-based compensation | C$2.9M | C$521,547 | C$0 | C$266,400 | C$0 | C$182,400 |
| Change in working capital | −C$16.0M | −C$8.2M | −C$2.3M | −C$2.7M | −C$8,154 | −C$313,149 |
| Other non-cash items | C$20.5M | C$2.1M | C$293,794 | C$308,283 | C$115,997 | C$71,802 |
| Cash from operating activities | −C$34.8M | −C$9.9M | −C$2.0M | −C$1.9M | C$49,717 | −C$238,717 |
| Investing activities | ||||||
| Capital expenditures | −C$7.8M | −C$1.4M | −C$604,157 | −C$800,672 | −C$5 | −C$250,000 |
| Investments (net) | −C$11.5M | −C$1.9M | −C$923,805 | −C$1.3M | C$2,821 | −C$479,463 |
| Acquisitions & other investing | −C$9.5M | C$1.4M | C$604,157 | C$800,672 | C$5 | C$250,000 |
| Cash from investing activities | −C$28.8M | −C$1.9M | −C$923,805 | −C$1.3M | C$2,821 | −C$479,463 |
| Financing activities | ||||||
| Share repurchases & issuance (net) | — | — | C$0 | −C$46,038 | — | — |
| Net borrowing (repayment) | C$64.1M | C$10.8M | C$2.8M | C$2.0M | C$2.6M | — |
| Shares issued | C$0 | C$4.1M | C$0 | C$0 | C$472,963 | C$19,850 |
| Other financing | C$2.1M | C$0 | C$0 | C$0 | −C$2.1M | C$817,864 |
| Cash from financing activities | C$66.2M | C$14.9M | C$2.8M | C$2.0M | C$1.0M | C$837,714 |
| Summary | ||||||
| Net change in cash | C$2.4M | C$3.8M | −C$199,608 | −C$996,578 | C$1.1M | C$92,076 |
| Cash at end of period | C$6.0M | C$3.8M | C$1,184 | C$200,792 | C$1.2M | C$94,485 |
| Free cash flow | −C$42.6M | −C$11.3M | −C$2.6M | −C$2.7M | C$49,717 | −C$488,717 |
| Free cash flow margin | −330.3% | −576.2% | −141.4% | −88.0% | 2.2% | −49.2% |
| Capex / revenue | 60.6% | 73.8% | 33.1% | 26.5% | 0.0% | 25.2% |
| Operating cash flow / net income | — | — | — | −130.34 | — | — |
| 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 | −C$22.4M | −C$27.0M | −C$22.2M | −C$8.9M | −C$6.1M | −C$4.7M | −C$3.4M | −C$504,454 | −C$187,493 | −C$89,666 | C$275,567 | −C$163,296 |
| Depreciation & amortization | C$1.2M | C$1.4M | C$1.4M | C$426,216 | C$249,054 | C$122,135 | C$160,951 | C$50,819 | C$49,368 | C$49,550 | C$71,567 | C$53,919 |
| Stock-based compensation | — | C$2.4M | C$2.4M | C$549,438 | C$35,000 | C$395,000 | C$773,986 | C$147,895 | C$146,176 | C$32,000 | C$0 | — |
| Change in working capital | −C$6.4M | −C$7.3M | −C$3.3M | −C$3.8M | −C$2.4M | −C$2.5M | −C$3.6M | −C$2.1M | −C$517,450 | −C$577,069 | −C$2.3M | C$425,961 |
| Other non-cash items | C$3.3M | C$11.3M | C$6.5M | C$4.8M | C$2.3M | C$1.8M | C$541,846 | C$239,882 | −C$30,252 | C$182,712 | C$69,336 | C$68,536 |
| Cash from operating activities | −C$24.3M | −C$19.2M | −C$15.1M | −C$6.9M | −C$5.9M | −C$4.9M | −C$5.6M | −C$2.2M | −C$539,651 | −C$402,473 | −C$1.9M | C$385,120 |
| Investing activities | ||||||||||||
| Capital expenditures | −C$2.6M | −C$2.1M | −C$5.0M | −C$1.4M | −C$1.5M | −C$754,044 | −C$358,470 | −C$28,997 | −C$329 | −C$4 | −C$135,543 | −C$1 |
| Investments (net) | — | C$2.0M | −C$731,483 | −C$15.5M | −C$3.4M | −C$1.5M | −C$1.5M | −C$39,634 | −C$179,341 | −C$207,294 | C$1.7M | — |
| Acquisitions & other investing | −C$22.0M | −C$219,076 | — | C$12.4M | C$1.5M | C$754,044 | — | C$38,684 | C$50,809 | C$53,587 | C$135,543 | −C$1.7M |
| Cash from investing activities | −C$24.6M | −C$309,837 | — | −C$4.6M | −C$3.4M | −C$1.5M | — | −C$29,947 | −C$128,861 | −C$153,711 | C$1.7M | −C$1.7M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | −C$1 | −C$1 | — | — | — | C$0 | — |
| Net borrowing (repayment) | — | C$9.9M | C$19.9M | C$23.1M | C$16.7M | C$4.5M | C$5.8M | −C$73,690 | — | — | — | — |
| Shares issued | C$0 | C$12.8M | C$0 | C$0 | C$0 | C$0 | C$0 | C$3.5M | C$0 | C$0 | C$0 | C$0 |
| Other financing | C$50.8M | C$378,765 | C$0 | −C$5.6M | C$1.5M | C$1.0M | C$4.1M | −C$890,933 | C$509,734 | C$556,261 | C$286,967 | C$1.2M |
| Cash from financing activities | C$50.8M | C$23.1M | C$19.9M | C$17.5M | C$18.2M | C$5.5M | C$10.0M | C$2.6M | C$509,734 | C$556,261 | C$286,967 | C$1.2M |
| Summary | ||||||||||||
| Net change in cash | C$3.5M | C$2.4M | −C$4.3M | −C$163,622 | C$7.5M | −C$966,854 | C$3.6M | C$74,513 | −C$86,899 | C$108,341 | −C$3,674 | −C$8,369 |
| Cash at end of period | C$11.9M | C$8.5M | C$6.0M | C$7.4M | C$10.3M | C$2.8M | C$3.8M | C$96,853 | C$22,340 | C$109,239 | C$1,184 | C$3,593 |
| Free cash flow | −C$26.9M | −C$21.2M | −C$20.2M | −C$8.4M | −C$7.4M | −C$5.7M | −C$5.9M | −C$2.2M | −C$539,980 | −C$402,470 | −C$2.0M | C$385,120 |
| Free cash flow margin | −290.2% | −248.4% | −388.3% | −192.4% | −332.2% | −499.3% | −881.6% | −680.3% | −145.5% | −68.1% | −283.2% | 144.7% |
| Capex / revenue | 28.1% | 24.1% | 96.5% | 33.2% | 67.8% | 66.4% | 53.2% | 8.8% | 0.1% | 0.0% | 19.2% | 0.0% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | — | −6.75 | — |
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.
ZENA cash generation
In fiscal 2025 (ended December 31, 2025), ZenaTech generated -C$34.8 million of cash from operations and spent C$7.8 million on capital expenditures, leaving free cash flow of -C$42.6 million, −330.3% of revenue. Cash and equivalents rose by C$2.4 million over the year.
Related: ZENA income statement, ZENA balance sheet. See the ZENA stock overview for the latest quote and news.
ZENA cash flow FAQ
What is ZenaTech's free cash flow?
ZenaTech's free cash flow was -C$42.6 million in fiscal 2025: -C$34.8 million of operating cash flow minus C$7.8 million of capital expenditures It was -C$11.3 million a year earlier..
How much cash does ZenaTech generate from operations?
ZenaTech generated -C$34.8 million of cash from operating activities in fiscal 2025.
How much does ZenaTech spend on capital expenditures?
ZenaTech spent C$7.8 million on capital expenditures in fiscal 2025, 60.6% of revenue, compared with C$1.4 million the year before.