Nutanix reported Q4 2024 results showing revenue of $547.95 million with a gross margin of 85.2%. Despite revenue momentum, the company posted an operating loss of $12.19 million and a net loss of $126.10 million, driven by substantial non-operating items totaling negative $106.36 million and a heavy tilt of operating expenses. EBITDA stood at $19.17 million, translating to an EBITDA margin of roughly 3.5%. The quarter generated positive operating cash flow of $244.70 million and free cash flow of $224.26 million, underpinned by disciplined working capital changes and stock-based compensation. Nutanix ended the period with cash and cash equivalents of $655.27 million and total debt of $695.22 million, leaving net debt of $39.95 million. Notably, total liabilities exceeded assets, and stockholders’ equity remained negative at $(728.15) million, reflecting accumulated losses and balance-sheet dynamics including large deferred revenue balances of $954.54 million current and $918.16 million non-current, consistent with a software subscription and multi-cloud services model. The cash flow framework signals operational strength, but profitability improvements depend on a favorable mix shift, cost discipline, and potential reductions in non-operating charges. Absent explicit management guidance in the data, the near-term trajectory will hinge on sustaining revenue momentum while closing the gap to profitability and stabilizing the balance sheet.