Negative Operating And Free Cash FlowPersistent negative operating and free cash flow signals ongoing cash burn and reliance on external financing. Over several months this constrains runway for marketing, merchant onboarding and product investment, and increases sensitivity to funding availability and cost.
Ongoing UnprofitabilityRepeated negative EBIT and net losses imply the business has not yet converted revenue scale into operating profits. Continued unprofitability can force cost cutting, limit strategic investments, or trigger equity dilution, all of which materially affect long-term value creation.
Elevated Debt Level Remains A RiskAlthough leverage metrics improved, an elevated absolute debt burden still raises interest and covenant risk, especially given weak cash flow and losses. Over months, this can limit funding flexibility and prioritize debt service over growth initiatives.