Choppy And Declining RevenuePersistent revenue volatility and recent declines hinder predictability of cash flows and planning. For an ad-tech firm reliant on advertiser spend, multi-year choppiness undermines the company’s ability to sustain investments in product, sales, and publisher partnerships, raising execution risk in the medium term.
Very Thin Operating MarginsOperating and net margins near 1–2% provide minimal buffer against revenue shocks or rising traffic acquisition costs. Such compressed profitability limits reinvestment capacity, makes earnings fragile to demand swings, and reduces the company's ability to absorb higher platform or sales costs over months.
Volatile Cash Generation Track RecordAlthough 2024 produced positive free cash flow, the historical volatility in operating cash undermines reliability of internal funding. Inconsistent cash generation complicates budgeting for product development and sales growth, and raises dependence on retained equity when cash dips recur over the medium term.