Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow turned positive while revenue was negative, leading to a free cash flow margin above one hundred percent. Capital expenditure remained elevated, resulting in a large free cash outlay.
- Operating cash flow was positive despite negative revenue, which produced an unusual free cash flow margin above one hundred percent. The gap between operating cash flow and free cash flow widened substantially due to capital expenditure exceeding operating cash flow.
- Compared with the preceding quarter, operating cash flow improved while capital expenditure decreased, leading to a narrower free cash outflow. Relative to the same quarter one year earlier, free cash flow weakened as capital expenditure increased faster than operating cash flow.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$797.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$191.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$6.9M
Cash generated by operations before capital spending.
CapEx
$198.3M
Capital spending and related asset purchases.
FCF margin
574.8%
The share of revenue converted into free cash flow.
Cash flow trend
A short quarterly history shows whether FCF is scaling with revenue or only spiking for one period.
| Period | Revenue | Operating CF | CapEx | FCF | FCF margin |
|---|---|---|---|---|---|
| 2024-08-31 | $34.8M | -$75.9M | $54.8M | -$130.7M | -375.0% |
| 2024-11-30 | $36.2M | -$52.3M | $171.0M | -$223.3M | -617.5% |
| 2025-02-28 | $52.9M | $5.9M | $257.5M | -$251.6M | -475.4% |
| 2025-05-31 | -$33.3M | $6.9M | $198.3M | -$191.4M | 574.8% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 364.3% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | -595.4% | Lower capital intensity usually supports FCF margin. |
| Net cash | n/a | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Operating Cash Flow Turns Positive
Operating cash flow shifted from negative a year ago to positive in the current quarter, while revenue moved from positive to negative. This divergence between revenue and cash generation is the most prominent observable change.
A positive operating cash flow, even with negative revenue, provided internal funds to partially offset a large capital expenditure program.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was positive despite negative revenue, which produced an unusual free cash flow margin above one hundred percent. The gap between operating cash flow and free cash flow widened substantially due to capital expenditure exceeding operating cash flow.
Compared with the preceding quarter, operating cash flow improved while capital expenditure decreased, leading to a narrower free cash outflow. Relative to the same quarter one year earlier, free cash flow weakened as capital expenditure increased faster than operating cash flow.
Monitor the trajectory of capital expenditure relative to operating cash flow to assess the sustainability of funding for infrastructure expansion.