Worsening ProfitabilityNet margin deteriorated sharply to around -30.5% in 2025 from -18.2% a year earlier. Persistent, widening losses undermine equity returns, limit reinvestment capacity, and erode stakeholder confidence. Without sustainable margin recovery, earnings deficits will continue to strain long-term viability.
Sharp Cash Flow DeteriorationOperating cash flow swung to roughly -14.0M and free cash flow to -15.6M, reversing prior positive cash generation. Negative operating cash erodes liquidity, increases funding dependence, and raises execution risk; persistent outflows could force asset sales, higher borrowing, or equity raises.
Rising Leverage & Negative ROEDebt rose materially from ~0.05x to ~0.37x while ROE is about -29.6%. Increased leverage alongside heavy negative returns amplifies financial risk: it reduces capital buffer, raises interest and covenant exposure, and limits management flexibility if operating performance fails to rebound.