Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased compared to both the prior quarter and the same quarter last year. Free cash flow remained negative but improved relative to the prior quarter and the year-ago quarter.
- Operating cash flow was negative and capital expenditure remained elevated, resulting in negative free cash flow. The free cash flow margin improved compared to both the prior quarter and the year-ago quarter, driven by higher revenue and a smaller operating cash outflow.
- Compared to the prior quarter, revenue was higher, operating cash outflow was lower, capital expenditure was lower, and free cash flow was less negative. Compared to the same quarter one year earlier, revenue was higher, operating cash outflow was slightly lower, capital expenditure was slightly lower, and free cash flow was less negative.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$316.3M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$77.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$50.3M
Cash generated by operations before capital spending.
CapEx
$27.1M
Capital spending and related asset purchases.
FCF margin
-38.6%
The share of revenue converted into free cash flow.
TTM FCF yield
-0.7%
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 | $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% |
| 2026-03-31 | $200.3M | -$50.3M | $27.1M | -$77.4M | -38.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 171.9% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 13.5% | Lower capital intensity usually supports FCF margin. |
| Net cash | $1.2B | 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 year-ago quarter, contributing to an improved free cash flow margin.
Higher revenue was the strongest observable driver of the improvement in free cash flow margin.
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 remained elevated, resulting in negative free cash flow. The free cash flow margin improved compared to both the prior quarter and the year-ago quarter, driven by higher revenue and a smaller operating cash outflow.
Compared to the prior quarter, revenue was higher, operating cash outflow was lower, capital expenditure was lower, and free cash flow was less negative. Compared to the same quarter one year earlier, revenue was higher, operating cash outflow was slightly lower, capital expenditure was slightly lower, and free cash flow was less negative.
Monitor the trajectory of operating cash flow, as 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 | $44.4B | Used as the denominator for FCF yield. |
| TTM FCF yield | -0.7% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | -136.7x | A quick valuation bridge, not a full DCF. |