Ongoing Net LossesDespite revenue and gross-margin improvement, the company remains loss-making with a ~-45% net margin and negative EBIT/EBITDA. Persistent operating losses erode equity, limit reinvestment from retained earnings, and increase dependence on external funding until profitability normalizes.
Volatile Cash Flow HistoryHistorical inconsistency in operating cash flow (multiple prior years of negative cash flow) raises structural financing risk. Episodic cash deficits complicate long-term capital planning, heighten dilution or debt risk during downturns, and reduce predictability of free cash flow.
Weak Returns On EquityA negative ROE (~-7.1%) and declining equity reflect weak capital efficiency and value erosion. Persistently poor returns make it harder to attract long-term investors, increase scrutiny of capital allocation, and pressure management to deliver sustained profitability improvements.