Deep And Persistent Net LossesDespite revenue gains, the company remains deeply loss-making with a ~-51.6% net margin and a multi-year pattern of losses (profitable only in 2020). Persistent negative earnings undermine reinvestment ability, strain reserves, and make long-term viability conditional on sustained margin recovery.
Negative And Volatile Cash GenerationOperating and free cash flow turned negative in 2025 (-4.7m) after healthier inflows in 2024, indicating volatile cash conversion. Weak and inconsistent cash generation raises funding and execution risk, potentially forcing dilution or borrowing to finance operations and growth over the medium term.
Consistently Negative Returns On EquityROE has been consistently negative, reflecting recurring losses that erode shareholder capital. Continued negative returns can weaken investor confidence, restrict access to external capital, and ultimately pressure the equity base if profitability is not restored within a few quarters.