Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased while operating cash flow and free cash flow improved (less negative) compared to both the prior quarter and the same quarter last year. Free cash flow margin remained negative but narrowed substantially.
- Operating cash flow was negative, and after capital expenditure, free cash flow was also negative, resulting in a negative free cash flow margin. The margin improved from the prior period as operating cash flow less negative relative to revenue.
- Compared to the prior quarter, revenue increased, operating cash flow improved, capital expenditure was slightly higher, and free cash flow improved. Versus the same quarter one year earlier, revenue was higher, operating cash flow improved, capital expenditure was higher, and free cash flow improved.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$70.8M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$11.1M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$8.3M
Cash generated by operations before capital spending.
CapEx
$2.8M
Capital spending and related asset purchases.
FCF margin
-8.6%
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 |
|---|---|---|---|---|---|
| 2024-12-31 | $120.7M | -$17.3M | $284000 | -$17.6M | -14.6% |
| 2025-03-31 | $111.1M | -$2.4M | $2.7M | -$5.1M | -4.6% |
| 2025-06-30 | $114.5M | -$34.9M | $2.1M | -$37.0M | -32.3% |
| 2025-09-30 | $128.7M | -$8.3M | $2.8M | -$11.1M | -8.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -0.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.2% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$8.1B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Improved operating cash flow
Operating cash flow was less negative in the current quarter compared to both the prior quarter and the same quarter last year, contributing to the narrowing of free cash flow deficit.
The improvement in operating cash flow was the primary factor behind the reduced free cash flow deficit this quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was negative, and after capital expenditure, free cash flow was also negative, resulting in a negative free cash flow margin. The margin improved from the prior period as operating cash flow less negative relative to revenue.
Compared to the prior quarter, revenue increased, operating cash flow improved, capital expenditure was slightly higher, and free cash flow improved. Versus the same quarter one year earlier, revenue was higher, operating cash flow improved, capital expenditure was higher, and free cash flow improved.
Monitor the level of capital expenditure as it increased relative to both prior periods while the company continues to generate negative free cash flow.