Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue declined relative to both the prior quarter and the same quarter last year. Free cash flow was negative but improved sequentially, while weakening compared to the year-ago period.
- Operating cash flow was negative, and with capital expenditure, free cash flow remained negative. The free cash flow margin was negative, reflecting that cash outflows exceeded revenue.
- Compared to the prior quarter, operating cash flow was less negative and capital expenditure was lower, resulting in a less negative free cash flow. Versus the same quarter last year, operating cash flow improved but capital expenditure was higher, leading to a more negative free cash flow.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$107.5M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$30.6M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$26.1M
Cash generated by operations before capital spending.
CapEx
$4.5M
Capital spending and related asset purchases.
FCF margin
-44.6%
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 |
|---|---|---|---|---|---|
| 2024-06-29 | $93.2M | -$16.0M | $1.3M | -$17.3M | -18.6% |
| 2024-09-28 | $81.0M | -$22.0M | $2.0M | -$24.1M | -29.7% |
| 2024-12-31 | $76.7M | -$29.0M | $6.5M | -$35.4M | -46.2% |
| 2025-03-29 | $68.7M | -$26.1M | $4.5M | -$30.6M | -44.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 50.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 6.5% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$1.0B | 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 Improvement
Operating cash flow was less negative than both the prior quarter and the year-ago quarter, providing a partial offset to the revenue decline.
The improvement in operating cash flow helped reduce the sequential free cash flow deficit.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was negative, and with capital expenditure, free cash flow remained negative. The free cash flow margin was negative, reflecting that cash outflows exceeded revenue.
Compared to the prior quarter, operating cash flow was less negative and capital expenditure was lower, resulting in a less negative free cash flow. Versus the same quarter last year, operating cash flow improved but capital expenditure was higher, leading to a more negative free cash flow.
Monitor the level of capital expenditure, as its increase from the prior year contributed to a wider free cash flow deficit.