Thin Gross And Net MarginsVery slim margins leave limited room to absorb higher compliance, payment or personnel costs and reduce ability to self-fund expansion. In a market downturn or with competitive pricing pressure, profitability could deteriorate quickly, stressing long-term margin sustainability.
Weak Cash Conversion And FCF VolatilityLow cash conversion and historical FCF volatility imply earnings quality and working-capital swings. This increases forecasting risk, limits dependable internal funding for product and compliance, and could force external financing during adverse periods.
Revenue Concentration On Crypto Trading VolumesA business model heavily dependent on trading volumes makes revenue cyclical and correlated with crypto market activity. Structural exposure to volatility and regulatory changes in digital assets can produce sustained revenue swings and heighten strategic risk.