Blue Innovation Cash Flow Statement

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

Millions JPY. 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	-632	-392	-296	-	-
Depreciation & Amortization	46	48	45	-	-
Loss (Gain) From Sale of Assets	71	-	-	-	-
Other Operating Activities	2	4	5	-	-
Change in Accounts Receivable	206	-71	-182	-	-
Change in Inventory	-65	-21	16	-	-
Change in Accounts Payable	26	-31	68	-	-
Change in Other Net Operating Assets	19	-31	24	-	-
Operating Cash Flow	-327	-494	-320	-	-
Capital Expenditures	-27	-37	-30	-	-
Investing Cash Flow	-27	-37	-30	-	-
Long-Term Debt Issued	500	-	100	-	-
Long-Term Debt Repaid	-17	-17	-9	-	-
Net Debt Issued (Repaid)	483	-17	91	-	-
Issuance of Common Stock	207	-	961	-	-
Other Financing Activities	-15	-4	-7	-	-
Financing Cash Flow	675	-21	1,045	-	-
Miscellaneous Cash Flow Adjustments	-2	-1	-1	-	-
Net Cash Flow	319	-553	694	-	-
Free Cash Flow	-354	-531	-350	-	-
Free Cash Flow Margin	-33.68%	-43.42%	-27.69%	-	-
Free Cash Flow Per Share	-89.44	-134.80	-105.66	-	-
Cash Interest Paid	3	3	1	-	-
Cash Income Tax Paid	2	2	2	-	-
Levered Free Cash Flow	-152.38	-381.63	-222.88	-	-
Unlevered Free Cash Flow	-150.5	-379.75	-222.25	-	-
Change in Working Capital	186	-154	-74	-	-

Source: S&P Capital IQ. Standard template. Financial Sources.