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 more negative than both comparable periods, driven by a larger operating cash outflow and higher capital expenditure.
- Operating cash flow was negative, and after subtracting capital expenditure, free cash flow was also negative, resulting in a negative free cash flow margin. The margin weakened compared to both the prior quarter and the same quarter a year ago.
- Compared to the immediately preceding quarter, revenue was higher, but operating cash flow was more negative, capital expenditure was higher, and free cash flow was more negative. Compared to the same quarter one year earlier, revenue was higher, operating cash flow shifted from near break-even to more negative, capital expenditure was higher, and free cash flow was more negative.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$321.8M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$114.2M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$64.5M
Cash generated by operations before capital spending.
CapEx
$49.7M
Capital spending and related asset purchases.
FCF margin
-63.6%
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 |
|---|---|---|---|---|---|
| 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% |
| 2025-09-30 | $155.1M | -$23.5M | $45.9M | -$69.4M | -44.8% |
| 2025-12-31 | $179.7M | -$64.5M | $49.7M | -$114.2M | -63.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 215.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 27.6% | Lower capital intensity usually supports FCF margin. |
| Net cash | $676.3M | 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 Increase
Capital expenditure was higher than both the prior quarter and the same quarter last year, contributing to the more negative free cash flow.
The higher capital expenditure amplified the free cash outflow beyond the change in operating cash flow alone.
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 subtracting capital expenditure, free cash flow was also negative, resulting in a negative free cash flow margin. The margin weakened compared to both the prior quarter and the same quarter a year ago.
Compared to the immediately preceding quarter, revenue was higher, but operating cash flow was more negative, capital expenditure was higher, and free cash flow was more negative. Compared to the same quarter one year earlier, revenue was higher, operating cash flow shifted from near break-even to more negative, capital expenditure was higher, and free cash flow was more negative.
Monitor the trajectory of operating cash flow, which turned more negative despite higher revenue.