Operational cash flow remains deeply negative at -$1.1M in 2026Q1, highlighting a complete absence of internal cash generation and an unsustainable reliance on external capital.
CO2 Energy Transition Corp. (NOEM) cash flow statement — 5-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Cash from Operations | -1.41M | -745.36K | -305.59K | -114.71K | -61.69K | -36 |
| Operating CF Growth % | -692.02% | -143.91% | -166.4% | -85.96% | - | - |
| Net Income | 1.46M | 1.65M | 2.63K | -184.37K | -151.79K | -24.19K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.7M | -2.88M | -299.85K | 0 | 17.98K | 6.29K |
| Working Capital Changes | -172.26K | 485.17K | -8.37K | 69.65K | 72.13K | 17.9K |
| Cash from Investing | 645.29K | 79.89K | -69M | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 645.29K | 79.89K | -69M | 0 | 0 | 0 |
| Cash from Financing | 297.82K | 0 | 70.26M | 116.79K | 61.72K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 71.13M | 0 | 25K | 0 |
| Net Stock Activity | 0 | 0 | 71.13M | 0 | 25K | 0 |
| Debt Issuance (Net) | 297.82K | 0 | -432.2K | 175.5K | 117.6K | 0 |
| Other Financing | 0 | 0 | -443.75K | -58.71K | -80.88K | 0 |
| Net Change in Cash | -462.11K | -665.47K | 950.96K | 2.08K | 34 | 0 |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 26.11K | 953.07K | 2.11K | 34 | 0 | 0 |
| Cash at End | 7.17K | 287.6K | 953.07K | 2.11K | 34 | 0 |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -1.41M | -745.36K | -305.59K | -114.71K | -61.69K | -40 |
| FCF Growth % | -77.31% | -143.91% | -166.4% | -85.96% | - | - |
Quick answers to the most common questions about buying NOEM stock.
CO2 Energy Transition Corp. (NOEM) generated $-0.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CO2 Energy Transition Corp. (NOEM) reported negative free cash flow of $0.7M in 2025, indicating capital requirements exceeded cash from operations.
CO2 Energy Transition Corp. (NOEM) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Imminent liquidation and delisting
Metrics are mathematically derived from official filings.
Earnings Disconnect Signals Operational Void
As reported in recent financial statements, NOEM's operating cash flow of -$1.1M in 2026Q1 against a net income of $309.2K highlights a severe divergence, with an OCF/NI ratio of -3.68 that underscores the complete absence of core operational cash generation within this shell entity.
The stark contrast between positive net income and negative operating cash flow suggests that reported earnings are likely driven by non-operating accounting adjustments rather than business activity. Investors should interpret this negative conversion as a sign that the company is consuming its remaining capital to sustain administrative compliance rather than building intrinsic value.
Persistent Cash Burn Accelerates Downward
Based on the company's quarterly filings, the free cash flow trajectory has deteriorated significantly, reaching a low of -$1.1M in 2026Q1, which indicates that the cash burn rate is accelerating as the entity struggles to maintain its public listing without a viable business combination.
The consistent negative free cash flow trend suggests that the company is rapidly depleting its limited liquidity to cover fixed administrative costs. This trajectory implies that the window for a successful acquisition is closing, as the cash reserves are likely insufficient to support the due diligence and transaction costs required for a meaningful deal.
Working Capital Volatility Reflects Instability
According to historical data, working capital changes have become increasingly erratic, with a significant outflow of $813.5K in 2026Q1, suggesting that the company is facing mounting pressure to settle liabilities as its cash position nears exhaustion.
The volatility in working capital movements appears to reflect the irregular timing of professional fees and compliance-related payments. This instability warrants further investigation, as it suggests the company may be struggling to manage its remaining liquidity while attempting to satisfy the ongoing requirements of its public listing.
Financial Statements Obscure Liquidation Risk
As indicated by the provided financial data, the company's cash flow statement fails to account for the potential for total capital loss, with the reported $287,601 cash balance suggesting that the entity is effectively a distressed shell nearing a terminal liquidation event.
The lack of capital expenditure or investment activity confirms that the company is not currently engaged in any productive business operations. Analysts should monitor the cash balance closely, as the current burn rate suggests that the company may be unable to sustain its operations through the next fiscal period without an immediate capital injection.