Declining Revenue And ProfitabilityMulti‑year revenue decline and a negative net margin in 2024 point to structural demand or pricing challenges. Persistent top‑line weakness undermines margin recovery, limits reinvestment capacity, and makes profit improvements more vulnerable unless the company stabilises underlying revenue streams.
Shrinking Asset & Equity BaseA materially smaller asset and equity base since 2019 reduces the company’s capital cushion and borrowing headroom. This long‑term contraction constrains balance‑sheet flexibility, limits capacity for large investments or acquisitions, and increases vulnerability to adverse shocks.
Sustained Customer Acquisition HeadwindsAlgorithm‑driven increases in acquisition costs, lower inquiry volumes and a 9% decline in case management revenue constitute structural marketing and demand headwinds. These pressures can raise CAC permanently, hurt lead flow quality, and force higher ongoing marketing spend to sustain growth.