Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow remained deeply negative, resulting in a large free cash flow deficit despite minimal capital expenditure. Revenue was stable sequentially but higher year-over-year, while the free cash flow margin weakened significantly compared to the prior year.
- Revenue was unchanged from the prior quarter, yet operating cash flow improved (less negative), indicating a narrower cash conversion gap. However, the free cash flow margin remained deeply negative, as operating cash outflows far exceeded revenue.
- Compared to the prior quarter, operating cash flow was higher (less negative), though revenue was stable. Versus the same quarter last year, revenue was higher but operating cash flow was lower (more negative), and free cash flow was also lower, with the margin weakening.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
n/a
Trailing twelve-month free cash flow.
Quarter free cash flow
-$11.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$11.0M
Cash generated by operations before capital spending.
CapEx
$12000
Capital spending and related asset purchases.
FCF margin
-877.7%
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $1.4M | -$5.6M | $50000 | -$5.6M | -396.2% |
| 2025-06-30 | $173259 | $2.3M | n/a | n/a | n/a |
| 2025-09-11 | $1.3M | -$14.9M | n/a | n/a | n/a |
| 2025-12-31 | $1.3M | -$11.0M | $12000 | -$11.0M | -877.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 5.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.0% | 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 Deficit
Operating cash flow was the primary factor behind the large negative free cash flow, as capital expenditure was negligible. The deficit improved sequentially but worsened year-over-year.
The persistent operating cash outflow continues to pressure free cash flow despite stable revenue.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was unchanged from the prior quarter, yet operating cash flow improved (less negative), indicating a narrower cash conversion gap. However, the free cash flow margin remained deeply negative, as operating cash outflows far exceeded revenue.
Compared to the prior quarter, operating cash flow was higher (less negative), though revenue was stable. Versus the same quarter last year, revenue was higher but operating cash flow was lower (more negative), and free cash flow was also lower, with the margin weakening.
Monitor whether operating cash flow can continue to narrow its deficit given stable revenue and minimal capital spending.