Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased from both the prior quarter and the same quarter last year. Free cash flow was negative and improved from the prior quarter but weakened from a year ago.
- Operating cash flow was negative, and capital expenditure exceeded operating cash flow, resulting in negative free cash flow. The free cash flow margin was negative, reflecting that cash conversion from revenue was not yet positive.
- Compared to the prior quarter, operating cash flow improved and free cash flow improved, though capital expenditure was higher. Compared to the same quarter last year, operating cash flow weakened and free cash flow weakened, with capital expenditure higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$204.1M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$55.3M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$23.2M
Cash generated by operations before capital spending.
CapEx
$32.0M
Capital spending and related asset purchases.
FCF margin
-38.3%
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 | $104.8M | -$30.9M | $11.0M | -$41.9M | -40.0% |
| 2024-12-31 | $132.4M | -$2.4M | $21.6M | -$23.9M | -18.1% |
| 2025-03-31 | $122.6M | -$54.2M | $28.7M | -$82.9M | -67.6% |
| 2025-06-30 | $144.5M | -$23.2M | $32.0M | -$55.3M | -38.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 83.2% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 22.2% | Lower capital intensity usually supports FCF margin. |
| Net cash | $217.6M | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Capital Expenditure Growth
Capital expenditure increased from both the prior quarter and the same quarter last year, contributing to a larger free cash flow deficit despite higher revenue.
Higher capital expenditure was the strongest observable driver of the free cash flow change.
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 exceeded operating cash flow, resulting in negative free cash flow. The free cash flow margin was negative, reflecting that cash conversion from revenue was not yet positive.
Compared to the prior quarter, operating cash flow improved and free cash flow improved, though capital expenditure was higher. Compared to the same quarter last year, operating cash flow weakened and free cash flow weakened, with capital expenditure higher.
Monitor the trajectory of operating cash flow, as it remained negative despite revenue growth.