Persistent LossesConsistent annual losses and a negative net margin (~-12.2% in 2025) indicate structural profitability issues. Ongoing negative returns undermine retained capital, constrain reinvestment, and require either sustained cash generation improvement or external funding to achieve durable shareholder value.
Equity ErosionA steep drop in shareholders' equity from ~33.7m to ~10.4m over two years materially reduces the balance-sheet buffer. Lower equity amplifies solvency risk if losses persist, limits capacity for strategic investment, and raises the probability of dilution or creditor-driven restructuring needs.
Revenue/Margin Weakness In 2025An 18.3% revenue decline in 2025 coupled with compressed gross margin (~10.1%) suggests waning pricing power or rising costs. This combination threatens margin sustainability and makes profitable scaling harder, increasing reliance on cost cuts or structural changes to restore durable profitability.