Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue declined sharply from the prior quarter, while operating cash flow and free cash flow both worsened. The free cash flow margin remained deeply negative, reflecting ongoing cash consumption.
- Revenue was minimal relative to operating cash outflow, resulting in a highly negative free cash flow margin. Capital expenditure added to the cash burn, with free cash flow significantly lower than operating cash flow.
- Compared to the prior quarter, revenue was lower and operating cash flow, free cash flow, and free cash flow margin all weakened. Compared to the same quarter one year ago, operating cash flow and free cash flow were both lower, while capital expenditure was higher; revenue for the year-ago quarter was not supplied.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$14.4M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$8.8M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$7.4M
Cash generated by operations before capital spending.
CapEx
$1.4M
Capital spending and related asset purchases.
FCF margin
-10559.0%
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 | n/a | $770743 | $69145 | $701598 | n/a |
| 2025-03-31 | n/a | -$1.4M | $90405 | -$1.5M | n/a |
| 2025-06-30 | $222722 | -$2.9M | $1.9M | -$4.8M | -2158.6% |
| 2025-09-30 | $83622 | -$7.4M | $1.4M | -$8.8M | -10559.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 8.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1724.5% | 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.
Cash Burn Persists
Operating cash flow was deeply negative and worsened from both the prior quarter and the year-ago quarter. Capital expenditure also increased compared to the year-ago period, amplifying the free cash flow deficit.
The company's cash position is being reduced by ongoing negative free cash flow, despite the filing noting sufficient liquidity for the next twelve months.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was minimal relative to operating cash outflow, resulting in a highly negative free cash flow margin. Capital expenditure added to the cash burn, with free cash flow significantly lower than operating cash flow.
Compared to the prior quarter, revenue was lower and operating cash flow, free cash flow, and free cash flow margin all weakened. Compared to the same quarter one year ago, operating cash flow and free cash flow were both lower, while capital expenditure was higher; revenue for the year-ago quarter was not supplied.
Monitor the trajectory of operating cash flow, as it continued to decline despite the company reporting sufficient liquidity in the filing.