Max Echo Technology Cash Flow Statement

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

Millions TWD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	33.58	-7.75	-80.35	-76.1	50.04	57.58
Depreciation & Amortization	35.24	36.45	46.83	49.57	44.7	37.6
Loss (Gain) From Sale of Assets	0.1	0.1	-	-	0.04	-
Provision & Write-off of Bad Debts	0.35	0.4	0.07	-0.52	-0.26	0.21
Other Operating Activities	2.62	4.1	1.09	-18.53	-1.1	7.65
Change in Accounts Receivable	-34.3	-29.01	-11.97	52.34	-4.77	-7.08
Change in Inventory	-17.39	-2.84	24	50.14	-44.31	-7.23
Change in Accounts Payable	10.7	7.49	32.06	-29.41	-2.86	6.79
Change in Unearned Revenue	0.39	-0.02	-0.63	0.31	-0.47	0.57
Change in Other Net Operating Assets	13.02	16.65	-11.43	-59.26	26.17	10.72
Operating Cash Flow	44.31	25.55	-0.32	-31.45	67.2	106.81
Operating Cash Flow Growth	316.96%	-	-	-	-37.08%	116.70%
Capital Expenditures	-11.26	-4.22	-4.77	-34.67	-60.63	-51.4
Sale (Purchase) of Intangibles	-	-	-0.11	-0.64	-	-2.15
Other Investing Activities	-2.47	-0.91	-0.56	0.01	5.61	-0.02
Investing Cash Flow	-13.73	-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	45.9	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	-59.86	-39.86	-659.6	-79.05	-316.83	-274.68
Net Debt Issued (Repaid)	-13.96	-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	-13.96	-19.86	-10.3	48.93	-25.65	13.6
Foreign Exchange Rate Adjustments	-	-	-	-	-	-0.79
Net Cash Flow	16.62	0.57	-16.06	-17.82	-13.46	66.05
Free Cash Flow	33.05	21.34	-5.09	-66.12	6.57	55.4
Free Cash Flow Growth	254.53%	-	-	-	-88.14%	63.61%
Free Cash Flow Margin	5.50%	3.94%	-1.18%	-14.95%	0.95%	7.84%
Free Cash Flow Per Share	0.87	0.56	-0.13	-1.74	0.18	1.64
Cash Interest Paid	12.26	12.26	11.16	9.97	8.09	7.24
Cash Income Tax Paid	0.01	0.01	0.04	7.17	12.99	-0.02
Levered Free Cash Flow	50.07	17	12.7	-39.7	-36.73	64.21
Unlevered Free Cash Flow	57.66	24.67	19.67	-33.55	-31.68	68.74
Change in Working Capital	-27.58	-7.73	32.04	14.12	-26.23	3.77

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