Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was lower than the prior quarter but higher than the same quarter last year. Operating cash flow improved sequentially but was slightly weaker than a year ago, while free cash flow margin improved year over year yet weakened on a sequential basis.
- Cash conversion remained negative, with operating cash flow exceeding capital expenditure. The gap between operating cash flow and free cash flow narrowed sequentially due to higher capital expenditure, but widened compared to the prior year quarter.
- Compared to the preceding quarter, revenue declined while the negative free cash flow margin deepened. Versus the same quarter one year earlier, revenue increased and the negative free cash flow margin narrowed.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$53.1M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$16.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$15.3M
Cash generated by operations before capital spending.
CapEx
$749000
Capital spending and related asset purchases.
FCF margin
-518.1%
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 | $1.9M | -$18.1M | $306000 | -$18.4M | -982.8% |
| 2024-12-31 | $2.3M | $2.0M | $950000 | $1.1M | 46.2% |
| 2025-03-31 | $15.0M | -$19.3M | $438000 | -$19.7M | -131.4% |
| 2025-06-30 | $3.1M | -$15.3M | $749000 | -$16.0M | -518.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 9.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 24.2% | 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.
Quarterly revenue change
Revenue decreased from the prior quarter, contributing to a wider negative free cash flow margin. The year-over-year revenue increase was positive but not sufficient to offset the sequential decline.
Future revenue trends will be a key determinant of free cash flow margin changes.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Cash conversion remained negative, with operating cash flow exceeding capital expenditure. The gap between operating cash flow and free cash flow narrowed sequentially due to higher capital expenditure, but widened compared to the prior year quarter.
Compared to the preceding quarter, revenue declined while the negative free cash flow margin deepened. Versus the same quarter one year earlier, revenue increased and the negative free cash flow margin narrowed.
Monitor the trajectory of operating cash flow and the liquidity support from the Lincoln Park Purchase Agreement as disclosed in the filing.