Horizon Robotics Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-10,469	2,347	-6,739	-8,719	-2,061
Depreciation & Amortization	363.36	370.76	288.87	236.68	134.1
Other Amortization	78.08	67.71	67.86	56.28	19.6
Loss (Gain) From Sale of Assets	2.17	0.97	1.29	0.24	3.49
Loss (Gain) From Sale of Investments	-392.78	-15.41	11.94	-16.68	10.38
Loss (Gain) on Equity Investments	957.44	638.12	409.38	34.3	2.53
Stock-Based Compensation	965.77	550.76	341.75	173.7	196.37
Other Operating Activities	6,696	-4,655	4,812	6,923	744.4
Change in Accounts Receivable	-1,069	-215.45	-141	-264.23	-33.17
Change in Inventory	-516.15	187.52	-434.68	-249.89	-88.89
Change in Accounts Payable	219.99	3.31	7.34	-4.22	0.04
Change in Unearned Revenue	16.87	223.82	-38.2	57.53	-3.01
Change in Other Net Operating Assets	1,041	513.57	-331.58	215.85	-35.56
Operating Cash Flow	-2,106	17.6	-1,745	-1,557	-1,111
Capital Expenditures	-471.59	-534.72	-259.45	-196.45	-174.21
Sale of Property, Plant & Equipment	0.51	4	0.09	0.69	0.36
Divestitures	-	-	-	-	1.35
Sale (Purchase) of Intangibles	-229.65	-377.19	-194.53	-352.77	-49.82
Investment in Securities	-4,229	-1,024	-213.41	334.02	-1,162
Investing Cash Flow	-4,930	-1,932	-667.29	-214.51	-1,384
Long-Term Debt Issued	120.73	294.43	100.33	12.52	-
Long-Term Debt Repaid	-77.15	-57.23	-51.49	-41.3	-32.19
Net Debt Issued (Repaid)	43.58	237.2	48.84	-28.79	-32.19
Issuance of Common Stock	10,129	5,404	-	-	-
Repurchase of Common Stock	-73.12	-	-	-	-
Other Financing Activities	-11.86	-18.05	-8.65	-13.6	-16.59
Financing Cash Flow	12,111	5,815	7,219	212.41	6,299
Foreign Exchange Rate Adjustments	-257.78	110.63	-56.09	118	-50.25
Net Cash Flow	4,817	4,011	4,751	-1,441	3,754
Free Cash Flow	-2,578	-517.12	-2,004	-1,754	-1,285
Free Cash Flow Margin	-68.59%	-21.70%	-129.15%	-193.64%	-275.38%
Free Cash Flow Per Share	-0.20	-0.04	-0.74	-0.67	-0.51
Cash Interest Paid	6.98	7.41	8.65	7.55	4.71
Levered Free Cash Flow	-2,224	-894.69	-1,887	-1,562	-
Unlevered Free Cash Flow	-2,220	-890.05	-1,882	-1,557	-
Change in Working Capital	-307.25	712.78	-938.12	-244.95	-160.59

Source: S&P Global Market Intelligence. Standard template. Financial Sources.