Multi-year Operating LossesSustained losses across multiple years erode accumulated equity and limit reinvestment capacity. Over the medium term, continued negative earnings constrain the company’s ability to build reserves, force reliance on external funding, and indicate structural profitability challenges.
Negative Cash Flow And 2025 Cash BurnPersistent negative operating and free cash flow, with a large 2025 burn, means the business is not self-funding. This reduces strategic flexibility, increases refinancing and dilution risk, and creates dependency on external capital unless cash generation improves materially.
Compressed Gross MarginsMeaningful gross-margin compression versus 2021 signals weaker unit economics or pricing pressure. Even with revenue growth, reduced gross margins make it harder to achieve profitable scale and raise questions about pricing power and competitive defensibility over the medium term.