Persistent Negative Operating And Free Cash FlowDespite reported profitability, the company still generates negative operating and free cash flow, indicating the business is not yet self-funding. This cash-generation gap is a durable risk to earnings quality and may force slower reinvestment or the need for external financing if it persists.
Profitability Is Recent With Limited Track RecordEarnings turned positive only in 2025–2026 after several years of losses, so the profit track record is short. That limited history increases execution and cyclic risks; durable confidence requires consistent cash conversion and margin stability through varied conditions.
Funding Risk From Ongoing Investment / Cash BurnSustained negative cash flow during a scaling phase raises funding risk: continued investment or working-capital needs may pressure liquidity despite low leverage. Over the medium term this could lead to dilution or higher-cost financing if cash generation does not improve.