Negative Free Cash FlowDespite improving operating cash flow, persistently negative free cash flow (~-6.1M in 2025) reflects ongoing investment or working capital needs. If sustained, this can constrain organic reinvestment, delay self-funded expansion, or require external financing to support growth initiatives.
Operating Profitability Not ProvenEBIT and EBITDA still slightly negative in 2025 despite revenue growth, indicating operating leverage has not fully converted scale into sustainable operating profits. The company needs to demonstrate consistent positive operating margins to validate long-term profitability economics.
Low Returns On CapitalROE of ~1.9% in 2025 remains modest given the scale-up; prior negative returns underscore a multi-year recovery. Low returns on equity suggest current capital deployment hasn’t yet yielded strong profitability, requiring improvement in margin conversion and asset efficiency to drive investor returns.