Revenue VolatilityExtremely volatile top-line, including a ~93% YoY revenue collapse and prior negative revenue years, undermines predictability of fee income. For an asset manager, inconsistent revenue makes forecasting AUM-related fees and sustaining profitable margins difficult across market cycles.
Inconsistent Profitability HistoryProfitability has oscillated between losses and a recent rebound, indicating recovery may be cyclical rather than structural. This inconsistent earnings track record complicates confidence in sustained margins and raises the risk that FY2025 results may not repeat without clearer revenue stability.
Key-person And Scale RiskA tiny employee base creates concentration and key-person risk for client relationships, investment decisions, and operations. Limited scale can restrict distribution, product development, and institutional credibility, constraining medium-term asset-gathering and revenue diversification.