Sustained UnprofitabilityThe company reported a net loss and continued negative operating results in FY2025, reflecting persistent margin challenges. Ongoing losses erode equity, constrain reinvestment capacity, and make consistent progress toward sustainable profitability a key structural hurdle for 2–6 months and beyond.
Weak Cash GenerationNegative operating and free cash flow in FY2025 indicate the business is not self-funding, raising the risk of reliance on external financing. Poor cash generation reduces flexibility for R&D, sales investment, and debt servicing, increasing long-term funding and execution risk.
Rising Leverage And Equity ErosionDebt-to-equity jumping to ~1.19 from ~0.26 reflects rapid leverage growth and a shrinking equity base. Higher leverage limits financial flexibility, raises refinancing and solvency risk if losses persist, and heightens vulnerability to interest-cost or revenue shocks over the medium term.