Kudan Cash Flow Statement

Financials in millions JPY. Fiscal year is April - March.

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Net Income	-800	-68	-414	-2,203	-1,600
Depreciation & Amortization	-	-	-	-	5
Loss (Gain) From Sale of Assets	57	18	20	1,474	18
Loss (Gain) From Sale of Investments	-	-	-	-	2
Loss (Gain) on Equity Investments	-	-	-	403	1,232
Other Operating Activities	38	123	14	-8	-12
Change in Accounts Receivable	-58	-41	36	-6	117
Change in Inventory	-27	-12	5	36	-32
Change in Accounts Payable	4	-	-15	-14	30
Change in Other Net Operating Assets	-29	-510	-265	-196	-109
Operating Cash Flow	-815	-490	-619	-514	-349
Capital Expenditures	-57	-18	-20	-4	-15
Cash Acquisitions	-	-	-	188	-
Investment in Securities	-100	-400	-	-	-478
Other Investing Activities	-4	-7	-	-	5
Investing Cash Flow	-161	-432	-20	-137	-705
Short-Term Debt Issued	-	-	200	-	-
Total Debt Issued	-	-	200	-	-
Long-Term Debt Repaid	-	-	-	-	-207
Net Debt Issued (Repaid)	-	-	200	-	-207
Issuance of Common Stock	1,850	1,759	670	17	2,221
Other Financing Activities	-	-	-	-8	-237
Financing Cash Flow	1,850	1,759	870	9	1,777
Foreign Exchange Rate Adjustments	-	31	16	16	12
Miscellaneous Cash Flow Adjustments	-	-1	-	-	-1
Net Cash Flow	874	867	247	-626	734
Free Cash Flow	-872	-508	-639	-518	-364
Free Cash Flow Margin	-168.66%	-103.67%	-192.47%	-191.14%	-286.61%
Free Cash Flow Per Share	-79.24	-57.25	-76.17	-65.70	-48.63
Cash Interest Paid	4	3	3	-	-
Cash Income Tax Paid	8	-16	44	13	1
Levered Free Cash Flow	-625.88	-407.75	-469.25	-252.25	-416.13
Unlevered Free Cash Flow	-623.38	-405.88	-467.38	-252.25	-415.5
Change in Working Capital	-110	-563	-239	-180	6

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