Inconsistent Cash ConversionOperating cash flow has not consistently matched accounting profits, with coverage about 0.83 in 2025. This recurring gap signals potential working-capital timing or billing/collection dynamics that can constrain internal funding for hiring, R&D, or customer investment without external capital.
Volatile Free Cash FlowHistoric swings in free cash flow, including negative years, create uncertainty for sustained reinvestment and dividend or buyback policies. Even if FCF matched net income in 2025, past volatility implies operational or timing risks that could impair steady capital allocation over the medium term.
Slowing Growth & Margin PressureAfter rapid scale-up, revenue growth has moderated and gross margins dipped slightly versus 2021–2022. This suggests market maturation or tougher competition; sustaining previous expansion will likely require increased sales/marketing spend, which could compress margins or slow operating leverage.