Persistent Negative Cash FlowConsistent negative operating and free cash flow (FY2025 FCF ~ -1.13m) means the company is not self-funding operations or investment. Over several months this erodes reserves, forces financing needs, and limits the ability to invest in scaling without issuing equity or other capital.
Material Ongoing LossesSustained negative EBIT and net losses indicate structural profitability issues relative to current scale. Continued losses reduce returns on capital, risk further equity erosion, and make it harder to attract long-term financing unless operational leverage or revenue scale improves materially.
Very Small Revenue Base Vs CostsReported revenue remains very small versus fixed and operating costs, implying heavy operational leverage. Without meaningful and sustained revenue scaling, margins will stay negative and the company will continue to rely on external funding to cover ongoing cash burn.