Negative Free Cash FlowMaterial and volatile negative free cash flow reflects heavy reinvestment and working-capital strains as the business scales. Persistent FCF deficits can erode liquidity, force external financing, increase cost of capital, and heighten execution risk if investments lag returns.
Rising Absolute DebtA sharp increase in absolute debt, even against strong equity, signals higher financing needs to support growth. This raises interest and refinancing exposure and could constrain flexibility if cash conversion weakens or if project timelines extend, pressuring coverage ratios.
Margin VisibilityAbsent detailed 2026 margin disclosure, it's difficult to confirm whether rapid revenue growth is maintaining prior profitability. Structural risks—pricing pressure, input costs, and product mix—could compress margins and impair sustainable net income as scale increases.