Hybrid Capital AccrualAccumulating deferred interest on a large hybrid instrument creates a growing contractual claim on cash or equity conversion risk. The open timetable to address it increases refinancing and covenant uncertainty, potentially constraining strategic flexibility over the medium term.
Geographic ConcentrationHeavy reliance on North American markets concentrates regulatory, competitive and macro risk. A single-region revenue base magnifies impact from local policy, licensing or search/marketing shifts, limiting diversification benefits and increasing long‑term earnings volatility.
Persistent Accounting LossesDespite improving revenue and cash flow, the company remains loss-making with negative ROE, indicating capital is not yet producing sustainable accounting profits. Continued reliance on cash generation without reported net profitability raises execution risk if growth or margins slip.