Northern Ocean Cash Flow Statement

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

Millions USD. 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	-102.67	-65.66	-70.9	-92.89	-11.03
Depreciation & Amortization	55.13	49.93	42.89	40.21	42.66
Other Amortization	64.95	33.84	65.29	0.72	1.98
Loss (Gain) From Sale of Assets	13.13	-	-	-	-
Stock-Based Compensation	0.77	0.27	-	-	-
Provision & Write-off of Bad Debts	-	-	-	-	5.44
Other Operating Activities	-42.81	-18.89	-29.94	-2.77	-80.52
Change in Accounts Receivable	30.7	-6.31	-28.75	-19.16	10.77
Change in Unearned Revenue	39.75	-0.27	-42.87	-	1.18
Change in Other Net Operating Assets	-54.54	-12.35	33.68	21.08	7.71
Operating Cash Flow	4.41	-19.44	-30.59	-52.82	-21.81
Capital Expenditures	-57.78	-55.4	-48.97	-4.68	-0.21
Sale of Property, Plant & Equipment	480	-	-	-	-
Investing Cash Flow	422.22	-55.4	-48.97	-4.68	-0.21
Long-Term Debt Issued	16.89	94.89	60.17	21.78	-
Long-Term Debt Repaid	-448.73	-90	-	-10	-
Net Debt Issued (Repaid)	-431.84	4.89	60.17	11.78	-
Issuance of Common Stock	-	59.6	0.96	103.86	-
Other Financing Activities	-	-1.25	-	-0.83	-
Financing Cash Flow	-431.84	63.24	61.13	114.8	-
Net Cash Flow	-5.21	-11.6	-18.43	57.31	-22.02
Free Cash Flow	-53.37	-74.84	-79.56	-57.49	-22.02
Free Cash Flow Margin	-19.62%	-29.59%	-36.66%	-265.41%	-37.90%
Free Cash Flow Per Share	-0.18	-0.26	-0.44	-0.50	-0.34
Cash Interest Paid	-	-	-	-	18.21
Levered Free Cash Flow	45.08	-17.37	20.42	-21.56	-139.34
Unlevered Free Cash Flow	80.27	17.82	49.17	-4.87	-125.82
Change in Working Capital	15.91	-18.93	-37.94	1.92	19.66

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.