Step-up In DebtA recent increase in borrowing raises fixed obligations and interest exposure compared with earlier zero-debt years. Higher leverage can limit financial flexibility during downturns, increase refinancing risk, and constrain capital allocation choices over the medium term.
Historical FCF VolatilityPast negative and uneven free cash flow shows the company’s cash generation can swing materially across years. Such volatility makes planning for sustained capex, product investment, or dividends harder and may force external funding at unfavorable times.
Margin Variability / Early Low ProfitabilityNotable swings in profitability historically imply execution and cost-discipline risks as the business scales. If cost structure or competitive pricing pressures re-emerge, margins could compress, undermining the recent improvement and cash-generation durability.