Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue declined sequentially and year-over-year, while operating cash flow and free cash flow became more negative, resulting in a significantly weakened free cash flow margin. The company's cash conversion from revenue to free cash flow deteriorated further.
- Revenue was lower compared to both prior periods, and operating cash flow generated a larger negative amount, leading to a more negative free cash flow. Capital expenditure was slightly higher than the previous quarter but lower than the year-ago quarter, yet the overall free cash flow margin worsened.
- Compared to the immediately preceding quarter, revenue decreased, operating cash flow turned more negative, and free cash flow margin declined. Relative to the same quarter one year earlier, all metrics showed a similar weakened trend.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$157.2M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$49.8M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$46.8M
Cash generated by operations before capital spending.
CapEx
$3.0M
Capital spending and related asset purchases.
FCF margin
-80.8%
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 |
|---|---|---|---|---|---|
| 2025-03-29 | $68.7M | -$26.1M | $4.5M | -$30.6M | -44.6% |
| 2025-06-28 | $75.0M | -$33.2M | $1.9M | -$35.1M | -46.9% |
| 2025-09-27 | $70.2M | -$38.8M | $2.9M | -$41.7M | -59.4% |
| 2025-12-31 | $61.6M | -$46.8M | $3.0M | -$49.8M | -80.8% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -12.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 4.8% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$211.8M | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Revenue and cash flow decline
Revenue fell from both the prior quarter and the year-ago period, while operating cash flow became more negative, causing free cash flow to deteriorate further. The filing notes a debt exchange and troubled debt restructuring, which may affect capital structure but does not directly explain the operating cash flow changes.
The deteriorating cash conversion signals increased cash consumption relative to sales.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was lower compared to both prior periods, and operating cash flow generated a larger negative amount, leading to a more negative free cash flow. Capital expenditure was slightly higher than the previous quarter but lower than the year-ago quarter, yet the overall free cash flow margin worsened.
Compared to the immediately preceding quarter, revenue decreased, operating cash flow turned more negative, and free cash flow margin declined. Relative to the same quarter one year earlier, all metrics showed a similar weakened trend.
Monitor the trajectory of operating cash flow, as it is the primary driver of free cash flow changes.