ACADEMY OF LEARNING

Academy of Learning Co.

9541StocksTadawulTechnology

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Semi-annual (SAR)

1-5

	H1 2026Dec 31, 2025	H2 2024Dec 31, 2024	H1 2024Jun 30, 2024	H2 2023Dec 31, 2023	H1 2023Jun 30, 2023
Operations
Operating Cash Flow	39.00M	16.36M	7.01M	16.51M	7.96M
Free Cash Flow	34.26M	-8.88M	-8.19M	-3.76M	-17.31M
Capital Expenditures	-4.75M	-25.25M	-15.20M	-20.26M	-25.27M
Investing & Financing
Investing Cash Flow	-4.70M	-50.25M	-15.20M	29.74M	-25.27M
Financing Cash Flow	-4.13M	35.51M	-12.45M	-35.54M	6.48M
Dividends Paid	—	—	-9.00M	-9.00M	-12.00M
Operating Activities
Operating Cash Flow	39.00M	16.36M	7.01M	16.51M	7.96M
Net Income	14.24M	12.06M	7.69M	14.47M	14.20M
Change in Accounts Payable	2.54M	4.23M	-1.37M	0.52M	1.22M
Change in Accounts Receivable	-5.67M	-5.57M	-10.55M	-6.91M	-4.96M
Change in Inventory	2.12M	0.11M	-0.13M	-0.28M	-1.92M
Change in Other Net Operating Assets	-2.37M	-10.33M	1.33M	1.70M	-3.83M
Change in Working Capital	-3.39M	-11.56M	-10.72M	-4.96M	-9.49M
Other Operating Activities	7.60M	5.41M	1.69M	2.29M	-0.35M
Provision & Write-off of Bad Debts	6.25M	0.53M	0.81M	0.03M	0.77M
Depreciation & Amortization	11.67M	9.99M	7.54M	4.67M	2.82M
Investing Activities
Investing Cash Flow	-4.70M	-50.25M	-15.20M	29.74M	-25.27M
Capital Expenditures	-4.75M	-25.25M	-15.20M	-20.26M	-25.27M
Investment in Securities	0.04M	-25.00M	—	50.00M	—
Loss (Gain) on Sale of Investments	2.63M	-0.05M	—	—	—
Financing Activities
Financing Cash Flow	-4.13M	35.51M	-12.45M	-35.54M	6.48M
Common Dividends Paid	—	—	-9.00M	-9.00M	-12.00M
Issuance of Common Stock	—	—	—	—	—
Long-Term Debt Issued	11.00M	43.99M	—	—	—
Short-Term Debt Issued	—	—	—	—	22.00M
Total Debt Issued	11.00M	43.99M	—	—	22.00M
Long-Term Debt Repaid	-15.13M	-8.47M	-3.45M	—	-3.52M
Total Debt Repaid	-15.13M	-8.47M	-3.45M	-26.54M	-3.52M
Net Debt Issued (Repaid)	-4.13M	35.51M	-3.45M	-26.54M	18.48M
Free Cash Flow & Returns
Free Cash Flow	34.26M	-8.88M	-8.19M	-3.76M	-17.31M
Free Cash Flow Growth	—	—	—	—	—
Free Cash Flow Margin	+35.7%	-11.8%	-15.9%	-7.0%	-44.6%
Free Cash Flow Per Share	0.25	-0.07	-0.06	-0.03	-0.13
Levered Free Cash Flow	19.61M	-18.54M	-14.61M	-12.13M	-24.18M
Unlevered Free Cash Flow	23.09M	-16.26M	-13.55M	-11.19M	-23.83M
Operating Cash Flow Growth	+138.3%	-0.9%	-11.9%	+0.1%	+289.0%
Net Cash Flow	30.17M	1.63M	-20.64M	10.70M	-10.83M

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Semi-annual (SAR)

1-5

	H1 2026Dec 31, 2025	H2 2024Dec 31, 2024	H1 2024Jun 30, 2024	H2 2023Dec 31, 2023	H1 2023Jun 30, 2023
Operations
Operating Cash Flow	39.00M	16.36M	7.01M	16.51M	7.96M
Free Cash Flow	34.26M	-8.88M	-8.19M	-3.76M	-17.31M
Capital Expenditures	-4.75M	-25.25M	-15.20M	-20.26M	-25.27M
Investing & Financing
Investing Cash Flow	-4.70M	-50.25M	-15.20M	29.74M	-25.27M
Financing Cash Flow	-4.13M	35.51M	-12.45M	-35.54M	6.48M
Dividends Paid	—	—	-9.00M	-9.00M	-12.00M
Operating Activities
Operating Cash Flow	39.00M	16.36M	7.01M	16.51M	7.96M
Net Income	14.24M	12.06M	7.69M	14.47M	14.20M
Change in Accounts Payable	2.54M	4.23M	-1.37M	0.52M	1.22M
Change in Accounts Receivable	-5.67M	-5.57M	-10.55M	-6.91M	-4.96M
Change in Inventory	2.12M	0.11M	-0.13M	-0.28M	-1.92M
Change in Other Net Operating Assets	-2.37M	-10.33M	1.33M	1.70M	-3.83M
Change in Working Capital	-3.39M	-11.56M	-10.72M	-4.96M	-9.49M
Other Operating Activities	7.60M	5.41M	1.69M	2.29M	-0.35M
Provision & Write-off of Bad Debts	6.25M	0.53M	0.81M	0.03M	0.77M
Depreciation & Amortization	11.67M	9.99M	7.54M	4.67M	2.82M
Investing Activities
Investing Cash Flow	-4.70M	-50.25M	-15.20M	29.74M	-25.27M
Capital Expenditures	-4.75M	-25.25M	-15.20M	-20.26M	-25.27M
Investment in Securities	0.04M	-25.00M	—	50.00M	—
Loss (Gain) on Sale of Investments	2.63M	-0.05M	—	—	—
Financing Activities
Financing Cash Flow	-4.13M	35.51M	-12.45M	-35.54M	6.48M
Common Dividends Paid	—	—	-9.00M	-9.00M	-12.00M
Issuance of Common Stock	—	—	—	—	—
Long-Term Debt Issued	11.00M	43.99M	—	—	—
Short-Term Debt Issued	—	—	—	—	22.00M
Total Debt Issued	11.00M	43.99M	—	—	22.00M
Long-Term Debt Repaid	-15.13M	-8.47M	-3.45M	—	-3.52M
Total Debt Repaid	-15.13M	-8.47M	-3.45M	-26.54M	-3.52M
Net Debt Issued (Repaid)	-4.13M	35.51M	-3.45M	-26.54M	18.48M
Free Cash Flow & Returns
Free Cash Flow	34.26M	-8.88M	-8.19M	-3.76M	-17.31M
Free Cash Flow Growth	—	—	—	—	—
Free Cash Flow Margin	+35.7%	-11.8%	-15.9%	-7.0%	-44.6%
Free Cash Flow Per Share	0.25	-0.07	-0.06	-0.03	-0.13
Levered Free Cash Flow	19.61M	-18.54M	-14.61M	-12.13M	-24.18M
Unlevered Free Cash Flow	23.09M	-16.26M	-13.55M	-11.19M	-23.83M
Operating Cash Flow Growth	+138.3%	-0.9%	-11.9%	+0.1%	+289.0%
Net Cash Flow	30.17M	1.63M	-20.64M	10.70M	-10.83M