Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was unchanged from the same quarter a year ago but decreased from the preceding quarter. Free cash flow remained negative, with a wider margin compared to both periods, and the company's filings indicate it expects to continue incurring significant losses and higher operating expenses, though it believes current liquidity is sufficient for the near term.
- Revenue was lower than the preceding quarter, while operating cash outflows exceeded revenue, resulting in negative free cash flow. Capital expenditure, though lower than both prior periods, added to the cash outflow, leading to a free cash flow margin that was more negative than both the prior quarter and the same quarter a year ago.
- Compared to the preceding quarter, revenue was lower and free cash flow was less negative, but the free cash flow margin widened. Versus the same quarter a year ago, revenue was unchanged, while free cash flow and its margin both worsened.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$135.4M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$35.3M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$33.0M
Cash generated by operations before capital spending.
CapEx
$2.3M
Capital spending and related asset purchases.
FCF margin
-467.0%
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 |
|---|---|---|---|---|---|
| 2024-06-30 | $11.4M | -$26.6M | $7.5M | -$34.1M | -299.3% |
| 2024-09-30 | $12.4M | -$19.2M | $3.8M | -$23.0M | -185.3% |
| 2024-12-31 | $11.7M | -$39.4M | $3.6M | -$43.0M | -367.4% |
| 2025-03-31 | $7.6M | -$33.0M | $2.3M | -$35.3M | -467.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 109.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 30.5% | 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
Free cash flow was negative because operating cash outflows exceeded revenue, with capital expenditure representing a smaller additional outflow. The negative free cash flow margin was driven by the combination of lower revenue compared to the prior quarter and higher operating cash outflows relative to the year-ago quarter.
The company's cash consumption from operations continued in the current quarter, with no indication of a near-term shift to positive free cash flow.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was lower than the preceding quarter, while operating cash outflows exceeded revenue, resulting in negative free cash flow. Capital expenditure, though lower than both prior periods, added to the cash outflow, leading to a free cash flow margin that was more negative than both the prior quarter and the same quarter a year ago.
Compared to the preceding quarter, revenue was lower and free cash flow was less negative, but the free cash flow margin widened. Versus the same quarter a year ago, revenue was unchanged, while free cash flow and its margin both worsened.
Monitor the trajectory of revenue relative to operating cash outflows, as the gap between them widened year-over-year.