Black Swan Graphene Cash Flow Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY	FY
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Apr '22 Apr 30, 2022	Jan '22 Jan 31, 2022
Net Income	-6.49	-3.39	-6.08	-8.49	-0.32	-1.94
Depreciation & Amortization	0.95	0.95	0.95	0.95	-	-
Stock-Based Compensation	1.23	-	0.57	0.27	-	1.01
Other Adjustments	-	-	1.53	4.57	0.01	-
Change in Receivables	0.22	-0.03	-0.27	-0.26	-	-0.04
Changes in Accounts Payable	0.15	0.16	-0.24	0.02	0.25	0.1
Changes in Other Operating Activities	0.01	0	0	0.02	-0	-0.02
Operating Cash Flow	-4.34	-2.32	-3.55	-2.93	-0.06	-0.89
Purchases of Intangible Assets	-	-	-	-	-	-4.9
Other Investing Activities	-	-	-	0.02	-	-
Investing Cash Flow	-	-	-	0.02	-0.06	-4.9
Issuance of Common Stock	8.97	-	-	7	-	10.71
Net Common Stock Issued (Repurchased)	8.97	-	-	7	-	10.71
Other Financing Activities	-	-	-	-0.11	-	-0.02
Financing Cash Flow	10.8	-	-	6.89	-	10.69
Net Cash Flow	3.47	-2.32	-3.55	3.98	-0.06	4.9
Free Cash Flow	-4.34	-2.32	-3.55	-2.93	-0.06	-0.89
Free Cash Flow Per Share	-0.10	-0.06	-0.10	-0.10	-0.03	-
Levered Free Cash Flow	-5.38	-2.29	-5.38	-7.5	-0.07	-1.86
Unlevered Free Cash Flow	-5.51	-2.41	-3.99	-7.53	-0.06	-1.86

Updated Sep 30, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.