Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was higher than both the prior quarter and the same quarter last year. Operating cash flow was less negative, capital expenditure was lower, and free cash flow was less negative, resulting in an improved free cash flow margin.
- Cash conversion improved as operating cash flow became less negative relative to revenue, and capital expenditure decreased, leading to a less negative free cash flow margin.
- Compared to the immediately preceding quarter, revenue was higher, operating cash flow was less negative, capital expenditure was lower, and free cash flow was less negative. Compared to the same quarter one year earlier, revenue was higher, operating cash flow was less negative, capital expenditure was 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
-$239.1M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$41.5M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$36.8M
Cash generated by operations before capital spending.
CapEx
$4.8M
Capital spending and related asset purchases.
FCF margin
-11.3%
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 | $255.7M | -$105.6M | $2.1M | -$107.7M | -42.1% |
| 2025-06-30 | $314.6M | $44.2M | $7.5M | $36.6M | 11.6% |
| 2025-09-30 | $334.2M | -$119.8M | $6.7M | -$126.5M | -37.9% |
| 2025-12-31 | $367.2M | -$36.8M | $4.8M | -$41.5M | -11.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 76.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.3% | 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.
Revenue growth and operating cash flow improvement
Revenue increased while operating cash outflow decreased, contributing to a higher free cash flow margin.
Free cash flow margin improved compared to both prior periods.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Cash conversion improved as operating cash flow became less negative relative to revenue, and capital expenditure decreased, leading to a less negative free cash flow margin.
Compared to the immediately preceding quarter, revenue was higher, operating cash flow was less negative, capital expenditure was lower, and free cash flow was less negative. Compared to the same quarter one year earlier, revenue was higher, operating cash flow was less negative, capital expenditure was lower, and free cash flow was less negative.
Monitor whether operating cash flow continues to improve toward positive territory.