SolDefense Cash Flow Statement

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

Millions KRW. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024
Net Income	3,103	10,985
Depreciation & Amortization	760.56	139.07
Loss (Gain) From Sale of Assets	-0.44	-4
Asset Writedown & Restructuring Costs	-	-1,332
Loss (Gain) From Sale of Investments	-53.51	-1,859
Stock-Based Compensation	459.47	-
Provision & Write-off of Bad Debts	-44.42	-2,078
Other Operating Activities	-726.73	-2,034
Change in Accounts Receivable	-1,711	1,706
Change in Inventory	-2,307	-606.31
Change in Accounts Payable	1,104	-24.08
Change in Unearned Revenue	104.34	244.46
Change in Other Net Operating Assets	486.14	-1,024
Operating Cash Flow	1,175	4,113
Operating Cash Flow Growth	-71.44%	-
Capital Expenditures	-796.53	-631.83
Sale of Property, Plant & Equipment	2.5	4
Cash Acquisitions	-3,514	-
Sale (Purchase) of Intangibles	-256.53	-0.22
Investment in Securities	11,304	-3,066
Other Investing Activities	-98.63	2,166
Investing Cash Flow	6,607	-1,528
Long-Term Debt Repaid	-505.31	-196.18
Net Debt Issued (Repaid)	-505.31	-196.18
Issuance of Common Stock	2,491	2,481
Repurchase of Common Stock	-18.94	-
Other Financing Activities	-32	-100
Financing Cash Flow	1,928	2,157
Miscellaneous Cash Flow Adjustments	-1.79	0
Net Cash Flow	9,708	4,742
Free Cash Flow	377.97	3,481
Free Cash Flow Growth	-89.14%	-
Free Cash Flow Margin	1.41%	16.00%
Free Cash Flow Per Share	16.69	167.00
Cash Interest Paid	45.83	38.84
Cash Income Tax Paid	76.67	9.11
Levered Free Cash Flow	-3,926	-
Unlevered Free Cash Flow	-3,817	-
Change in Working Capital	-2,324	295.74

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