Negative EquityPersistent negative equity undermines financial flexibility and increases the probability of future capital raises or dilution. It also makes leverage harder to interpret, raises creditor and investor vigilance, and constrains the company's ability to invest or absorb shocks during the scale‑up phase.
Still Loss-makingDespite operational progress, the company remains loss‑making with volatile underlying EBITDA. Continued reliance on non‑cash adjustments and one‑off items historically masks core profitability, so durable earnings improvement must persist across multiple quarters to validate financial self‑sufficiency.
Cash Sustainability RiskAlthough operating cash flow turned positive recently, free cash flow volatility and a sharp decline versus prior period indicate the business is not consistently self‑funding. Ongoing US expansion and rebrand costs, combined with a modest cash balance, raise the chance of near‑term financing needs.