Northern Ocean Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-66.02	-65.66	-70.9	-92.89	-11.03	-36.51
Depreciation & Amortization	56.99	49.93	42.89	40.21	42.66	29.58
Other Amortization	11.55	33.84	65.29	0.72	1.98	2.06
Stock-Based Compensation	0.81	0.27	-	-	-	-
Provision & Write-off of Bad Debts	-	-	-	-	5.44	-
Other Operating Activities	-9.23	-18.89	-29.94	-2.77	-80.52	-14.09
Change in Accounts Receivable	7.12	-6.31	-28.75	-19.16	10.77	6.68
Change in Unearned Revenue	38.48	-0.27	-42.87	-	1.18	8.77
Change in Other Net Operating Assets	-37.93	-12.35	33.68	21.08	7.71	18
Operating Cash Flow	1.77	-19.44	-30.59	-52.82	-21.81	14.5
Capital Expenditures	-55.44	-55.4	-48.97	-4.68	-0.21	-41.29
Investing Cash Flow	-55.44	-55.4	-48.97	-4.68	-0.21	-41.29
Long-Term Debt Issued	-	94.89	60.17	21.78	-	50
Long-Term Debt Repaid	-	-90	-	-10	-	-40
Net Debt Issued (Repaid)	26.23	4.89	60.17	11.78	-	10
Issuance of Common Stock	-	59.6	0.96	103.86	-	0.4
Other Financing Activities	-	-1.25	-	-0.83	-	-
Financing Cash Flow	26.23	63.24	61.13	114.8	-	10.4
Net Cash Flow	-27.44	-11.6	-18.43	57.31	-22.02	-16.4
Free Cash Flow	-53.68	-74.84	-79.56	-57.49	-22.02	-26.8
Free Cash Flow Margin	-24.02%	-29.59%	-36.66%	-265.41%	-37.90%	-30.63%
Free Cash Flow Per Share	-0.15	-0.26	-0.44	-0.50	-0.34	-0.42
Cash Interest Paid	-	-	-	-	18.21	14.12
Levered Free Cash Flow	-10.4	-17.37	20.42	-21.56	-139.34	50.03
Unlevered Free Cash Flow	28.07	17.82	49.17	-4.87	-125.82	59.33
Change in Working Capital	7.67	-18.93	-37.94	1.92	19.66	33.45

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.