Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow remained deeply negative, driving free cash flow to a large deficit despite higher revenue. The free cash flow margin improved compared to the prior quarter but weakened sharply from the same quarter last year.
- Revenue increased while operating cash flow was less negative than the previous quarter, narrowing the free cash flow deficit. However, capital expenditure rose, and the free cash flow margin remained deeply negative, indicating that operating cash outflow still far exceeded revenue.
- Compared to the immediately prior quarter, revenue was higher, operating cash flow was less negative, free cash flow was less negative, and the free cash flow margin improved. Versus the same quarter one year earlier, revenue was higher, but operating cash flow was more negative, free cash flow was more negative, and the free cash flow margin weakened.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$4.0B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$1.1B
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$991.2M
Cash generated by operations before capital spending.
CapEx
$66.4M
Capital spending and related asset purchases.
FCF margin
-621.0%
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $140.4M | $21.5M | $52.6M | -$31.1M | -22.2% |
| 2025-06-30 | $151.9M | -$1.5B | $63.5M | -$1.5B | -1007.6% |
| 2025-09-30 | $156.8M | -$1.3B | $60.0M | -$1.4B | -871.1% |
| 2025-12-31 | $170.3M | -$991.2M | $66.4M | -$1.1B | -621.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -609.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 39.0% | 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.
Negative operating cash flow
Operating cash flow was deeply negative in all periods shown, and although it improved from the prior quarter, it was significantly more negative than a year earlier. This is the strongest observable driver of the free cash flow deficit.
Sustained negative operating cash flow, combined with rising capital expenditure, kept free cash flow deeply negative and the free cash flow margin at a large deficit.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue increased while operating cash flow was less negative than the previous quarter, narrowing the free cash flow deficit. However, capital expenditure rose, and the free cash flow margin remained deeply negative, indicating that operating cash outflow still far exceeded revenue.
Compared to the immediately prior quarter, revenue was higher, operating cash flow was less negative, free cash flow was less negative, and the free cash flow margin improved. Versus the same quarter one year earlier, revenue was higher, but operating cash flow was more negative, free cash flow was more negative, and the free cash flow margin weakened.
The filing notes that early amortization or default events under warehouse facilities could require loan principal collections to repay debt instead of funding new loans, which would negatively impact liquidity.