Volatile Revenue And Flat Active CustomersInconsistent top‑line growth and a stable active customer base constrain sustainable revenue expansion. Without meaningful growth in active users or retention‑driven ARPU increases, scale benefits and long‑term revenue momentum remain uncertain despite margin strength.
Early-stage New Products & Partnership MonetizationKey strategic initiatives (prediction markets, FanDuel/CME, Topstep) are commercially early and may take extended time to prove unit economics. If these channels underperform, expected diversification and growth will lag, pressuring medium‑term revenue and returns on investment.
Rising Operating Costs And FX HeadwindsGrowing G&A from international expansion and currency effects can erode operating leverage, offsetting variable cost flexibility. Persistent cost inflation or adverse FX would compress margins and reduce the cash available for strategic investments and shareholder distributions.