Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was higher sequentially and year-over-year, while operating cash outflow decreased sequentially but increased compared to the year-ago period. Free cash flow margin improved significantly from both prior periods, though free cash flow remained negative.
- Operating cash flow was negative and capital expenditure was higher than both prior periods, resulting in negative free cash flow. The free cash flow margin improved as revenue growth outpaced the increase in cash outflows.
- Compared to the prior quarter, free cash flow was less negative and margin improved. Compared to the same quarter last year, free cash flow was more negative but margin improved due to higher revenue.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$299.6M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$83.3M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$74.5M
Cash generated by operations before capital spending.
CapEx
$8.8M
Capital spending and related asset purchases.
FCF margin
-134.6%
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 |
|---|---|---|---|---|---|
| 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% |
| 2025-09-30 | $39.9M | -$123.1M | $4.1M | -$127.2M | -319.1% |
| 2025-12-31 | $61.9M | -$74.5M | $8.8M | -$83.3M | -134.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -11.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 14.2% | 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 was higher than both the previous quarter and the year-ago quarter, contributing to an improved free cash flow margin.
The higher revenue was the primary factor in the margin improvement.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was negative and capital expenditure was higher than both prior periods, resulting in negative free cash flow. The free cash flow margin improved as revenue growth outpaced the increase in cash outflows.
Compared to the prior quarter, free cash flow was less negative and margin improved. Compared to the same quarter last year, free cash flow was more negative but margin improved due to higher revenue.
Monitor the trend in operating expenses, as the filing indicates expectations of significant losses and higher operating expenses.