Persistent UnprofitabilityOngoing net losses erode retained capital and require external funding to sustain growth. Over months this limits the firm's ability to self-finance expansion, increases dilution or debt risk, and challenges the transition from margin improvements to consistent net profitability.
Weak Cash Flow ConversionNegative operating and free cash flow indicate the business struggles to convert revenues into liquid resources. This structural cash conversion weakness heightens liquidity risk, forces reliance on external financing, and constrains sustainable investment in product and sales capacity.
Reliance On Financing And Leverage HistoryAlthough leverage fell in 2024, a history of high liabilities and recent dependence on financing imply ongoing funding risk. In adverse conditions this can lead to costly refinancing, restrictive covenants, or equity dilution, limiting strategic flexibility over the medium term.