ACADEMY OF LEARNING

Academy of Learning Co.

9541StocksTadawulTechnology

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

	2025Jun 30, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	8.40M	23.38M	24.46M	18.54M	20.77M
Free Cash Flow	-19.56M	-17.07M	-21.07M	12.57M	19.29M
Capital Expenditures	-27.96M	-40.45M	-45.53M	-5.97M	-1.48M
Investing & Financing
Investing Cash Flow	-41.11M	-65.45M	4.47M	-55.97M	-1.48M
Financing Cash Flow	19.01M	23.06M	-29.06M	-11.75M	51.08M
Dividends Paid	-6.00M	-9.00M	-21.00M	-9.00M	-3.30M
Operating Activities
Operating Cash Flow	8.40M	23.38M	24.46M	18.54M	20.77M
Net Income	27.64M	19.75M	28.67M	21.36M	16.20M
Change in Accounts Payable	2.38M	2.86M	1.74M	-0.11M	0.28M
Change in Accounts Receivable	-65.27M	-16.12M	-11.86M	-6.33M	-3.86M
Change in Inventory	0.06M	-0.03M	-2.20M	-1.32M	-0.75M
Change in Other Net Operating Assets	8.46M	-9.00M	-2.12M	-1.93M	3.03M
Change in Working Capital	-54.38M	-22.29M	-14.44M	-9.69M	-1.31M
Other Operating Activities	11.16M	7.09M	1.95M	1.14M	1.99M
Provision & Write-off of Bad Debts	5.42M	1.34M	0.80M	1.55M	0.61M
Depreciation & Amortization	19.08M	17.53M	7.49M	4.18M	3.28M
Investing Activities
Investing Cash Flow	-41.11M	-65.45M	4.47M	-55.97M	-1.48M
Capital Expenditures	-27.96M	-40.45M	-45.53M	-5.97M	-1.48M
Investment in Securities	-13.15M	-25.00M	50.00M	-50.00M	—
Loss (Gain) on Sale of Investments	-531.22K	-53.21K	—	—	—
Financing Activities
Financing Cash Flow	19.01M	23.06M	-29.06M	-11.75M	51.08M
Common Dividends Paid	-6.00M	-9.00M	-21.00M	-9.00M	-3.30M
Issuance of Common Stock	—	—	—	—	59.90M
Long-Term Debt Issued	—	43.99M	22.00M	—	—
Total Debt Issued	39.67M	43.99M	22.00M	—	—
Long-Term Debt Repaid	—	-11.92M	-30.06M	-2.75M	-5.52M
Total Debt Repaid	-14.65M	-11.92M	-30.06M	-2.75M	-5.52M
Net Debt Issued (Repaid)	25.01M	32.06M	-8.06M	-2.75M	-5.52M
Free Cash Flow & Returns
Free Cash Flow	-19.56M	-17.07M	-21.07M	12.57M	19.29M
Free Cash Flow Growth	—	—	—	-34.8%	—
Free Cash Flow Margin	-12.9%	-13.4%	-22.7%	+20.0%	+45.6%
Free Cash Flow Per Share	-0.15	-0.13	-0.16	0.09	0.16
Levered Free Cash Flow	—	-33.15M	-36.31M	4.22M	—
Unlevered Free Cash Flow	—	-29.80M	-35.02M	4.51M	—
Operating Cash Flow Growth	-64.1%	-4.4%	+32.0%	-10.7%	—
Net Cash Flow	-13.70M	-19.01M	-0.13M	-49.18M	70.37M

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

	2025Jun 30, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	8.40M	23.38M	24.46M	18.54M	20.77M
Free Cash Flow	-19.56M	-17.07M	-21.07M	12.57M	19.29M
Capital Expenditures	-27.96M	-40.45M	-45.53M	-5.97M	-1.48M
Investing & Financing
Investing Cash Flow	-41.11M	-65.45M	4.47M	-55.97M	-1.48M
Financing Cash Flow	19.01M	23.06M	-29.06M	-11.75M	51.08M
Dividends Paid	-6.00M	-9.00M	-21.00M	-9.00M	-3.30M
Operating Activities
Operating Cash Flow	8.40M	23.38M	24.46M	18.54M	20.77M
Net Income	27.64M	19.75M	28.67M	21.36M	16.20M
Change in Accounts Payable	2.38M	2.86M	1.74M	-0.11M	0.28M
Change in Accounts Receivable	-65.27M	-16.12M	-11.86M	-6.33M	-3.86M
Change in Inventory	0.06M	-0.03M	-2.20M	-1.32M	-0.75M
Change in Other Net Operating Assets	8.46M	-9.00M	-2.12M	-1.93M	3.03M
Change in Working Capital	-54.38M	-22.29M	-14.44M	-9.69M	-1.31M
Other Operating Activities	11.16M	7.09M	1.95M	1.14M	1.99M
Provision & Write-off of Bad Debts	5.42M	1.34M	0.80M	1.55M	0.61M
Depreciation & Amortization	19.08M	17.53M	7.49M	4.18M	3.28M
Investing Activities
Investing Cash Flow	-41.11M	-65.45M	4.47M	-55.97M	-1.48M
Capital Expenditures	-27.96M	-40.45M	-45.53M	-5.97M	-1.48M
Investment in Securities	-13.15M	-25.00M	50.00M	-50.00M	—
Loss (Gain) on Sale of Investments	-531.22K	-53.21K	—	—	—
Financing Activities
Financing Cash Flow	19.01M	23.06M	-29.06M	-11.75M	51.08M
Common Dividends Paid	-6.00M	-9.00M	-21.00M	-9.00M	-3.30M
Issuance of Common Stock	—	—	—	—	59.90M
Long-Term Debt Issued	—	43.99M	22.00M	—	—
Total Debt Issued	39.67M	43.99M	22.00M	—	—
Long-Term Debt Repaid	—	-11.92M	-30.06M	-2.75M	-5.52M
Total Debt Repaid	-14.65M	-11.92M	-30.06M	-2.75M	-5.52M
Net Debt Issued (Repaid)	25.01M	32.06M	-8.06M	-2.75M	-5.52M
Free Cash Flow & Returns
Free Cash Flow	-19.56M	-17.07M	-21.07M	12.57M	19.29M
Free Cash Flow Growth	—	—	—	-34.8%	—
Free Cash Flow Margin	-12.9%	-13.4%	-22.7%	+20.0%	+45.6%
Free Cash Flow Per Share	-0.15	-0.13	-0.16	0.09	0.16
Levered Free Cash Flow	—	-33.15M	-36.31M	4.22M	—
Unlevered Free Cash Flow	—	-29.80M	-35.02M	4.51M	—
Operating Cash Flow Growth	-64.1%	-4.4%	+32.0%	-10.7%	—
Net Cash Flow	-13.70M	-19.01M	-0.13M	-49.18M	70.37M