Cobra Venture Cash Flow Statement

Financials in millions CAD. Fiscal year is December - November.

Millions CAD. Fiscal year is Dec - Nov.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 30, 2025	Nov '24 Nov 30, 2024	Nov '23 Nov 30, 2023	Nov '22 Nov 30, 2022	Nov '21 Nov 30, 2021
Net Income	-0.15	-0.29	0.15	0.37	0.11
Depreciation & Amortization	0.14	0.18	0.11	0.24	0.26
Loss (Gain) From Sale of Investments	0.01	0.19	0	0.02	-0
Stock-Based Compensation	-	0.11	-	-	0.11
Other Operating Activities	-0.04	-0.09	-0.08	0.02	-0.01
Change in Accounts Receivable	-0.02	-0	-0.09	0.11	-0.06
Change in Accounts Payable	0.01	0	-0.06	0.09	0
Change in Other Net Operating Assets	0.03	-0	-0	-0	-0
Operating Cash Flow	-0.02	0.11	0.03	0.86	0.41
Operating Cash Flow Growth	-	231.57%	-96.13%	110.24%	1556.19%
Capital Expenditures	-0.02	-0.02	-0.07	-0.17	-0.01
Other Investing Activities	0.08	0.09	0.08	-0.04	-0.03
Investing Cash Flow	0.07	0.07	0	-0.2	-0.04
Issuance of Common Stock	-	-	0.07	0.02	-
Financing Cash Flow	-	-0.45	0.07	-0.46	-
Net Cash Flow	0.05	-0.27	0.1	0.2	0.37
Free Cash Flow	-0.04	0.09	-0.04	0.7	0.4
Free Cash Flow Growth	-	-	-	73.88%	-
Free Cash Flow Margin	-3.22%	7.05%	-2.87%	36.67%	25.18%
Free Cash Flow Per Share	-0.00	0.01	-0.00	0.04	0.03
Levered Free Cash Flow	0.09	0.17	-0.05	0.53	0.39
Unlevered Free Cash Flow	0.09	0.17	-0.05	0.53	0.39
Change in Working Capital	0.02	-0	-0.15	0.21	-0.06

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