Shrinking RevenueA contracting top line erodes operating scale and recurring B2B2C contract value, making unit economics harder to sustain. Continued revenue decline limits reinvestment in product and sales, and raises the risk that current margins and cash generation are not durable.
Volatile Free Cash Flow ConversionInconsistent FCF conversion creates uncertainty about funds available for growth, dividends, or M&A. Even with positive OCF, swings in FCF indicate reinvestment or working-capital variability that can constrain strategic initiatives and capital returns over the medium term.
Shrinking Asset Base And Earnings VolatilityA declining asset base signals reduced capacity to scale deployments or support larger operator contracts. Coupled with noted swings in EBITDA margin, this suggests limited structural growth capacity and increases the risk that recent profitability is fragile rather than a sustained recovery.