Improved Cash GenerationOperating and free cash flow turning solidly positive in 2025 materially improves liquidity and reduces near-term refinancing risk. If sustained, stronger cash conversion supports working-capital stability, selective reinvestment, and reduces dependence on external financing for growth or restructuring.
More Manageable LeverageA lower debt-to-equity (~0.36) gives the company more financial flexibility and lowers fixed finance costs, improving resilience to operational shocks. Durable, moderate leverage supports better access to credit, funding for strategic initiatives, and a longer runway to convert operational improvements into sustained profitability.
Narrower Losses; EBITDA Turned PositiveNarrower losses and a slightly positive EBITDA in 2025 indicate operational improvements and cost discipline. This suggests management is making structural changes that can translate into margin recovery, improved unit economics, and a pathway to sustained profitability if revenue trends stabilize or improve.