Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue grew compared to both the prior quarter and the year-ago period. However, operating cash outflow and capital spending both increased, leading to a larger free cash flow deficit and a slightly weakened free cash flow margin relative to the prior quarter, though the margin improved significantly compared to the same quarter last year.
- Cash conversion remains negative, with operating cash outflows exceeding revenue. Capital expenditure added to the cash burn, resulting in a deeply negative free cash flow margin.
- Compared to the immediately preceding quarter, revenue was higher but operating cash outflow and capital expenditure also rose, causing free cash flow to be lower and the margin to weaken. Versus the same quarter one year earlier, revenue was substantially higher and the free cash flow margin improved, though the absolute free cash flow deficit was slightly larger.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$54.7M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$20.1M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$19.0M
Cash generated by operations before capital spending.
CapEx
$1.0M
Capital spending and related asset purchases.
FCF margin
-536.5%
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 | $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% |
| 2025-09-30 | $3.7M | -$19.0M | $1.0M | -$20.1M | -536.5% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 14.3% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 27.2% | 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 prior quarter and the same quarter last year.
The free cash flow margin improved year-over-year alongside the revenue increase.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Cash conversion remains negative, with operating cash outflows exceeding revenue. Capital expenditure added to the cash burn, resulting in a deeply negative free cash flow margin.
Compared to the immediately preceding quarter, revenue was higher but operating cash outflow and capital expenditure also rose, causing free cash flow to be lower and the margin to weaken. Versus the same quarter one year earlier, revenue was substantially higher and the free cash flow margin improved, though the absolute free cash flow deficit was slightly larger.
Monitor the company's ability to draw on the Lincoln Park purchase agreement, which provides a potential liquidity source subject to market price and volume conditions.