Persistent Unprofitability And Negative ROENegative net profit and EBIT margins and a negative ROE are structural constraints: they limit retained earnings, reduce capital available for reinvestment, and raise the bar for the business model to demonstrate sustainable unit economics before delivering shareholder returns over the medium term.
Declining Gross Margin And Cost IssuesA falling gross margin erodes the platform's ability to cover operating costs and scale profitably. This signals either pricing pressure, rising direct costs, or subsidy of demand; absent structural fixes (pricing, supply efficiency), margin deterioration can outpace revenue gains over several quarters.
Cash Generation Still Challenged Relative To LossesAlthough FCF improved, cash conversion remains weak versus net losses, meaning the company may still require external funding or need deeper margin improvements to be self-sustaining. This structural gap can constrain strategic flexibility over the next 2-6 months.