Persistent UnprofitabilityThe company remains loss‑making across all reported years, with very negative gross and net margins. Persistent unprofitability undermines internal capital formation and constrains reinvestment in product, sales, and R&D, forcing reliance on external funding to sustain operations.
Top-line InstabilityA sharp revenue drop (~36% in 2025) after prior growth indicates weak product‑market fit or execution problems. Structural top‑line instability erodes operating leverage, makes cost absorption harder, and raises the probability that short‑term fixes will be needed rather than sustainable growth.
Ongoing Cash Burn & Funding RiskConsistently negative operating and free cash flow means the business cannot self‑fund its operations. Coupled with a history of leverage volatility and prior negative equity, this creates meaningful funding and recapitalization risk that can dilute shareholders or restrict strategic options.