Swung the pendulum hard to just-in-time three years ago — cut net working capital $225M from a $659M peak to $434M, a 34% drop that drove FY25 free cash flow to ~$119M. Candid: largely a one-time unwind, not a run-rate, and the swing constrained backlog conversion. Now pulling the supply base left to convert faster. FY26 FCF lumpier — $2M outflow in March vs $24M inflow a year ago — full year guided positive. Net debt ~$260M improving after April's $150M revolver paydown. Not done.
← stream@MRCY solid