Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
The latest quarter's free cash flow was negative, but improved significantly from the preceding quarter. Revenue grew compared to both prior periods, while operating cash flow turned positive.
- The company generated positive operating cash flow from its revenue, but capital expenditure exceeded that amount, resulting in negative free cash flow and a negative margin. This indicates that cash conversion was partially offset by investment spending.
- Compared to the preceding quarter, operating cash flow improved from negative to positive, and free cash flow was less negative, with a higher margin. Relative to the same quarter one year earlier, revenue was higher, but operating cash flow and free cash flow were lower, and the margin turned negative.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$2.0B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$31.1M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$21.5M
Cash generated by operations before capital spending.
CapEx
$52.6M
Capital spending and related asset purchases.
FCF margin
-22.2%
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 |
|---|---|---|---|---|---|
| 2024-06-30 | $120.8M | -$484.4M | $36.7M | -$521.1M | -431.4% |
| 2024-09-30 | $131.2M | -$1.2B | $43.3M | -$1.2B | -927.3% |
| 2024-12-31 | $135.5M | -$200.1M | $42.3M | -$242.4M | -178.9% |
| 2025-03-31 | $140.4M | $21.5M | $52.6M | -$31.1M | -22.2% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -43.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 37.5% | 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.
Operating cash flow improvement
Operating cash flow shifted from negative in the prior quarter to positive in the current period, directly reducing the free cash flow deficit.
This change was the primary factor behind the narrower free cash loss.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
The company generated positive operating cash flow from its revenue, but capital expenditure exceeded that amount, resulting in negative free cash flow and a negative margin. This indicates that cash conversion was partially offset by investment spending.
Compared to the preceding quarter, operating cash flow improved from negative to positive, and free cash flow was less negative, with a higher margin. Relative to the same quarter one year earlier, revenue was higher, but operating cash flow and free cash flow were lower, and the margin turned negative.
The relationship between capital expenditure and operating cash flow, as elevated spending continues to pressure free cash flow.