Persistent Cash BurnConsistent negative operating and free cash flow means the business consumes cash to run and grow. Even with improvement from FY2023, ongoing cash burn requires external funding or asset sales, limiting strategic optionality and increasing dilution or refinancing risk over the medium term.
Deep And Ongoing LossesSustained negative EBIT and net income indicate an unprofitable cost structure relative to current revenue. Persistent losses erode returns and equity over time, constrain internal funding capacity, and mean profitability remains contingent on material revenue scaling or cost reduction.
Very Small Revenue Base Vs CostsAlthough revenue grew, its absolute level remains tiny relative to expenses, leaving the business highly sensitive to scaling risk. Structural fixed costs and negative margins mean the company must materially grow sales to achieve margin sustainability; otherwise losses will persist.