Elevated LeverageRising debt-to-equity (FY2025 ~4.8x; FY2024 ~8.5x) driven by a thin equity base creates structurally higher financial risk. Even modest absolute debt becomes burdensome, reducing flexibility for investments, increasing refinancing and covenant exposure, and magnifying downside in revenue stress scenarios.
Persistent Cash BurnA multi-year pattern of negative operating and free cash flow indicates ongoing funding needs rather than self-sufficiency. Persistent cash burn will necessitate external financing, constrain strategic investments, raise dilution or credit risk, and limit the company’s ability to fund growth organically over the medium term.
Net Losses RemainDespite EBITDA gains, the company is still loss-making at EBIT and net levels (net margin ~-14% in FY2025). Ongoing net losses depress retained earnings and ROE, require continued external support for non-operating costs, and delay the establishment of a clear, durable path to shareholder returns.