Negative Operating & Free Cash FlowPersistent operating cash flow (~-30.5M) and free cash flow (~-33.0M) in 2025 indicate earnings are not converting to cash. Large cash burn strains liquidity, forces reliance on external financing, and undermines the company’s ability to invest or endure a prolonged recovery without capital injections.
Ongoing Net LossesDespite top-line improvement, the company still reported a net loss and negative operating profit in 2025, with negative returns on equity in 2024–2025. Continued unprofitability signals weak earnings quality and raises the risk that scale gains won't produce durable earnings without structural margin improvements.
Rapid Debt BuildDebt surged from ~2.8M in 2023 to ~99.9M in 2025, a rapid increase that elevates refinancing, interest, and covenant risk. The speed of leverage growth combined with weak cash generation reduces financial flexibility and heightens solvency concerns over the next several quarters.