Max Echo Technology Cash Flow Statement

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

Millions TWD. 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	-7.75	-80.35	-76.1	50.04	57.58
Depreciation & Amortization	36.45	46.83	49.57	44.7	37.6
Loss (Gain) From Sale of Assets	0.1	-	-	0.04	-
Provision & Write-off of Bad Debts	0.4	0.07	-0.52	-0.26	0.21
Other Operating Activities	4.1	1.09	-18.53	-1.1	7.65
Change in Accounts Receivable	-29.01	-11.97	52.34	-4.77	-7.08
Change in Inventory	-2.84	24	50.14	-44.31	-7.23
Change in Accounts Payable	7.49	32.06	-29.41	-2.86	6.79
Change in Unearned Revenue	-0.02	-0.63	0.31	-0.47	0.57
Change in Other Net Operating Assets	16.65	-11.43	-59.26	26.17	10.72
Operating Cash Flow	25.55	-0.32	-31.45	67.2	106.81
Operating Cash Flow Growth	-	-	-	-37.08%	116.70%
Capital Expenditures	-4.22	-4.77	-34.67	-60.63	-51.4
Sale (Purchase) of Intangibles	-	-0.11	-0.64	-	-2.15
Other Investing Activities	-0.91	-0.56	0.01	5.61	-0.02
Investing Cash Flow	-5.12	-5.44	-35.3	-55.02	-53.57
Short-Term Debt Issued	20	130	100	180	295
Long-Term Debt Issued	-	519.3	39.4	31	-
Total Debt Issued	20	649.3	139.4	211	295
Short-Term Debt Repaid	-	-230	-20	-265	-220
Long-Term Debt Repaid	-39.86	-429.6	-59.05	-51.83	-54.68
Total Debt Repaid	-39.86	-659.6	-79.05	-316.83	-274.68
Net Debt Issued (Repaid)	-19.86	-10.3	60.35	-105.83	20.32
Issuance of Common Stock	-	-	-	96.97	-
Common Dividends Paid	-	-	-11.42	-16.79	-6.72
Financing Cash Flow	-19.86	-10.3	48.93	-25.65	13.6
Foreign Exchange Rate Adjustments	-	-	-	-	-0.79
Net Cash Flow	0.57	-16.06	-17.82	-13.46	66.05
Free Cash Flow	21.34	-5.09	-66.12	6.57	55.4
Free Cash Flow Growth	-	-	-	-88.14%	63.61%
Free Cash Flow Margin	3.94%	-1.18%	-14.95%	0.95%	7.84%
Free Cash Flow Per Share	0.55	-0.13	-1.74	0.18	1.64
Cash Interest Paid	12.26	11.16	9.97	8.09	7.24
Cash Income Tax Paid	0.01	0.04	7.17	12.99	-0.02
Levered Free Cash Flow	16.46	12.7	-39.7	-36.73	64.21
Unlevered Free Cash Flow	24.12	19.67	-33.55	-31.68	68.74
Change in Working Capital	-7.73	32.04	14.12	-26.23	3.77

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