Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
This quarter, revenue increased sharply while operating cash flow and free cash flow became more negative. Free cash flow margin improved compared to both the prior quarter and the same quarter a year ago.
- Revenue growth was accompanied by a larger operating cash outflow, leading to a more negative free cash flow. Capital expenditure declined, which partially offset the deficit, but overall cash conversion weakened.
- Compared to the prior quarter, revenue was higher, operating cash flow and free cash flow were lower, and free cash flow margin improved. Relative to the same quarter a year ago, revenue was higher, operating cash flow and free cash flow were lower, and free cash flow margin also improved.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$155.1M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$53.8M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$52.6M
Cash generated by operations before capital spending.
CapEx
$1.2M
Capital spending and related asset purchases.
FCF margin
-259.8%
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 |
|---|---|---|---|---|---|
| 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% |
| 2025-06-30 | $20.7M | -$52.6M | $1.2M | -$53.8M | -259.8% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 30.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 5.8% | 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.
Revenue growth
Revenue increased from both the prior quarter and the same quarter a year ago, while operating cash flow did not keep pace, resulting in a larger free cash flow deficit.
The revenue growth improved the free cash flow margin, but the absolute cash outflow increased.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue growth was accompanied by a larger operating cash outflow, leading to a more negative free cash flow. Capital expenditure declined, which partially offset the deficit, but overall cash conversion weakened.
Compared to the prior quarter, revenue was higher, operating cash flow and free cash flow were lower, and free cash flow margin improved. Relative to the same quarter a year ago, revenue was higher, operating cash flow and free cash flow were lower, and free cash flow margin also improved.
Monitor the trajectory of operating cash flow given the company’s expectation of continuing significant losses as noted in its filing.