Persistent Net LossesMulti-year net losses and a negative net margin indicate the core business has not yet delivered sustainable profitability. Continued operating losses can erode equity, limit retained earnings for growth, and force reliance on external funding, raising execution and dilution risk over the medium term.
Multi-year Negative ROEThree consecutive years of negative ROE show the company is not generating acceptable returns on shareholder capital. This structural shortfall undermines investor confidence, may constrain access to cheaper capital, and increases pressure to either materially improve margins or pursue equity raises.
Cash Flow Volatility RiskSharp swings from large outflows in 2023–24 to positive cash flow in 2025 highlight volatility in working capital and operations. Such volatility raises refinancing and planning risk, making sustained investment in retail expansion or product development more uncertain without predictable free cash flow.