Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was lower than the prior quarter but higher than the same quarter last year. Operating cash flow turned negative, resulting in negative free cash flow, though both measures improved substantially from the prior year.
- Operating cash flow was negative, leading to a negative free cash flow margin. Capital expenditure was lower than both comparison periods, but the cash conversion remained weak.
- Compared to the previous quarter, revenue, operating cash flow, and free cash flow all declined, with free cash flow turning from positive to negative. Versus the same quarter a year earlier, revenue grew and operating cash flow and free cash flow improved significantly.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$58.3M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$69.8M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$44.7M
Cash generated by operations before capital spending.
CapEx
$25.1M
Capital spending and related asset purchases.
FCF margin
-4.6%
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 |
|---|---|---|---|---|---|
| 2024-09-30 | $1.4B | -$128.4M | $36.8M | -$165.2M | -12.2% |
| 2024-12-31 | $1.4B | -$4.8M | $43.4M | -$48.2M | -3.5% |
| 2025-03-31 | $1.6B | $279.0M | $54.1M | $224.9M | 14.2% |
| 2025-06-30 | $1.5B | -$44.7M | $25.1M | -$69.8M | -4.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 586.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.7% | 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 reversal
Operating cash flow shifted from positive in the prior quarter to negative in the current quarter, a reversal that drove free cash flow into negative territory.
This change signals a need to assess the sustainability of cash generation.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was negative, leading to a negative free cash flow margin. Capital expenditure was lower than both comparison periods, but the cash conversion remained weak.
Compared to the previous quarter, revenue, operating cash flow, and free cash flow all declined, with free cash flow turning from positive to negative. Versus the same quarter a year earlier, revenue grew and operating cash flow and free cash flow improved significantly.
Monitor the impact of the newly established accounts receivable sale program, which was entered into in May 2025, on future cash flow from operations.