Persistent Negative Cash FlowSustained negative operating and free cash flow over multiple years indicates the business cannot self-fund operations or investment. Reliance on balance-sheet resources or external financing materially increases liquidity and execution risk and constrains the company's ability to reinvest in client development or product/service improvements.
Volatile And Collapsing RevenueLarge year-to-year revenue swings and a severe drop in 2025 point to fragile demand or client concentration. For an agency, unstable recurring revenue undermines forecasting, reduces negotiating leverage with talent and suppliers, and makes margin recovery unlikely without a durable client base or new stable contracts.
Very Weak Profitability And ReturnsDeep negative ROE alongside a sizable net loss and razor-thin gross margins indicate the core business is not generating adequate returns. Persistently poor profitability erodes shareholder value and suggests that without structural changes to revenue mix or pricing, the company will struggle to achieve sustainable profitability.