ENCell 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	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	-16,108	-15,210	-5,054	-45,567	-6,761
Depreciation & Amortization	4,705	4,498	4,239	2,964	889.05
Loss (Gain) From Sale of Assets	61.14	0.42	0.01	-	-
Loss (Gain) From Sale of Investments	-188.75	-72.04	-183.24	-14.6	-
Stock-Based Compensation	287.34	867.38	1,507	1,141	252.66
Provision & Write-off of Bad Debts	803.21	-	-	-	-
Other Operating Activities	-955.08	754.57	-6,002	36,629	4,199
Change in Accounts Receivable	499.49	-580.05	-1,037	-669.15	-215.02
Change in Inventory	88.27	-159.87	593.85	-940.01	-890.2
Change in Accounts Payable	139.17	-129.11	126.88	-74.02	58.69
Change in Other Net Operating Assets	470.35	-68.24	-630.64	-431.48	77.05
Operating Cash Flow	-10,197	-10,098	-6,440	-6,962	-2,390
Capital Expenditures	-3,142	-612.91	-1,885	-4,312	-10,018
Sale of Property, Plant & Equipment	-	0.25	0.2	-	-
Sale (Purchase) of Intangibles	-5.63	-28.43	-56.74	-43.99	-34.6
Investment in Securities	-1,200	6,000	16,198	-10,000	-12,000
Other Investing Activities	368.66	-500.59	30.23	-358.4	-354.93
Investing Cash Flow	-3,979	4,858	14,287	-14,714	-22,408
Long-Term Debt Issued	22,500	-	-	-	-
Long-Term Debt Repaid	-958.02	-1,366	-917.52	-2,664	-2,169
Net Debt Issued (Repaid)	21,542	-1,366	-917.52	-2,664	-2,169
Issuance of Common Stock	577.53	24,494	-	24,223	5,049
Other Financing Activities	-8.69	-	-22.43	-0	-
Financing Cash Flow	22,111	23,128	-939.94	21,559	23,496
Miscellaneous Cash Flow Adjustments	-	-0	-0	-	0
Net Cash Flow	7,934	17,888	6,906	-117.77	-1,302
Free Cash Flow	-13,340	-10,711	-8,325	-11,274	-12,408
Free Cash Flow Margin	-253.67%	-148.58%	-79.09%	-153.03%	-317.45%
Free Cash Flow Per Share	-1227.34	-1217.63	-1347.58	-2362.39	-66020.32
Cash Interest Paid	508.11	149.6	222.6	75.98	108.43
Cash Income Tax Paid	-12.71	-4.72	43.74	64.39	4.08
Levered Free Cash Flow	-9,303	-6,205	-56,006	23,720	-1,499
Unlevered Free Cash Flow	-8,919	-5,941	-54,800	25,579	-308.2
Change in Working Capital	1,197	-937.27	-947.01	-2,115	-969.48

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