Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased sharply from the prior quarter and the year-ago quarter, while free cash flow remained negative but improved relative to the prior quarter. Operating cash flow was negative, and capital expenditure rose, resulting in a negative free cash flow margin that narrowed significantly from both comparison periods.
- Revenue grew substantially, yet operating cash flow remained negative, indicating cash conversion was weak. Capital expenditure increased, and free cash flow was negative, with the free cash flow margin improving from deeply negative levels in both the prior quarter and the year-ago quarter.
- Compared to the prior quarter, revenue was higher, operating cash flow was less negative, capital expenditure was higher, and free cash flow was less negative, with the free cash flow margin improved. Versus the year-ago quarter, revenue was higher, operating cash flow was more negative, capital expenditure was slightly higher, and free cash flow was more negative, but the free cash flow margin was less negative.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$42.1M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$11.2M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$9.4M
Cash generated by operations before capital spending.
CapEx
$1.8M
Capital spending and related asset purchases.
FCF margin
-304.7%
The share of revenue converted into free cash flow.
TTM FCF yield
-2.3%
TTM FCF divided by market capitalization.
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 |
|---|---|---|---|---|---|
| 2025-06-30 | $61000 | -$6.1M | $1.0M | -$7.1M | -11683.6% |
| 2025-09-30 | $384000 | -$8.7M | $2.8M | -$11.5M | -3000.3% |
| 2025-12-31 | $198000 | -$11.0M | $1.2M | -$12.2M | -6147.5% |
| 2026-03-31 | $3.7M | -$9.4M | $1.8M | -$11.2M | -304.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 277.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 49.4% | 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 substantially from both the prior quarter and the year-ago quarter, which was the strongest observable driver. This growth contributed to a narrower negative free cash flow margin.
Higher revenue helped reduce the negative free cash flow margin, though operating cash flow remained negative.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue grew substantially, yet operating cash flow remained negative, indicating cash conversion was weak. Capital expenditure increased, and free cash flow was negative, with the free cash flow margin improving from deeply negative levels in both the prior quarter and the year-ago quarter.
Compared to the prior quarter, revenue was higher, operating cash flow was less negative, capital expenditure was higher, and free cash flow was less negative, with the free cash flow margin improved. Versus the year-ago quarter, revenue was higher, operating cash flow was more negative, capital expenditure was slightly higher, and free cash flow was more negative, but the free cash flow margin was less negative.
Monitor the trajectory of operating cash flow as revenue scales, given it remained negative despite higher revenue.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | $1.8B | Used as the denominator for FCF yield. |
| TTM FCF yield | -2.3% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | n/a | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.