Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue declined versus both the prior quarter and the same quarter last year. Free cash flow remained negative but improved compared to both periods, as the operating cash outflow narrowed.
- The company's cash conversion was negative, with operating cash flow and free cash flow both in deficit, resulting in a negative free cash flow margin.
- Compared to the prior quarter, revenue was lower, operating cash flow was less negative, capital expenditure decreased, and free cash flow improved markedly. Versus the same quarter a year ago, revenue was lower, but operating cash flow and free cash flow were less negative, and the free cash flow margin narrowed.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$134.2M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$7.6M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$5.0M
Cash generated by operations before capital spending.
CapEx
$2.5M
Capital spending and related asset purchases.
FCF margin
-13.0%
The share of revenue converted into free cash flow.
TTM FCF yield
-40.5%
TTM FCF divided by market capitalization.
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 |
|---|---|---|---|---|---|
| 2025-06-28 | $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% |
| 2026-03-28 | $58.2M | -$5.0M | $2.5M | -$7.6M | -13.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 26.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 4.3% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$220.6M | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Improvement in operating cash flow
Operating cash flow, while still negative, was substantially less negative than both the immediate prior quarter and the same quarter last year. This improvement was the primary factor behind the narrower free cash flow deficit.
The smaller operating cash outflow reduced the company's cash burn rate during the quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
The company's cash conversion was negative, with operating cash flow and free cash flow both in deficit, resulting in a negative free cash flow margin.
Compared to the prior quarter, revenue was lower, operating cash flow was less negative, capital expenditure decreased, and free cash flow improved markedly. Versus the same quarter a year ago, revenue was lower, but operating cash flow and free cash flow were less negative, and the free cash flow margin narrowed.
The company disclosed that it no longer meets eligibility requirements for its ATM program, making its liquidity management a key item to monitor.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | $331.6M | Used as the denominator for FCF yield. |
| TTM FCF yield | -40.5% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | -4.1x | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.