Persistent Net LossesA ~A$3.0m FY2025 net loss and ongoing unprofitability erode retained capital and limit reinvestment capacity. Continued losses make the business dependent on external funding, increasing execution risk and the need for sustained revenue/margin improvements to reach durable breakeven.
Material Equity ErosionShareholders' equity roughly halved over two years, shrinking the capital buffer against operational shocks. A reduced equity cushion heightens the chance of dilutive raises, restricts shock absorption capacity, and weakens long‑term resilience absent sustained profitability or cash generation.
Sustained Negative Operating And Free Cash FlowMeaningful negative OCF and FCF in FY2025 reflect ongoing cash burn to fund operations. Persistent negative cash generation requires repeated financing, increasing execution and dilution risk, and undermines the company’s ability to self‑fund growth or absorb adverse industry shifts over the medium term.