Persistent Cash BurnConsistent negative operating and free cash flow, with FY2025 FCF worsening ~31%, implies ongoing cash burn that erodes runway. Over months this raises funding and dilution risk, limiting the company's ability to invest organically and forcing reliance on external capital until margins improve or growth scales materially.
Very Weak ProfitabilityDeeply negative operating and net margins show the cost base far exceeds revenue despite a high gross margin. Structural inability to convert revenue to operating profits undermines sustainable cash generation and suggests the business model or cost structure must change to achieve long-term viability.
Negative Equity & Poor ROEHistorical negative equity and an ROE around -114% indicate past losses have materially eroded shareholder capital. This structural capital weakness reduces financial flexibility, makes raising new equity or debt harder on favorable terms, and signals entrenched challenges in generating returns on invested capital.