Persistent Negative Free Cash FlowDeep negative free cash flow (~-102.1M in 2025) reflects an ongoing cash burn from capex and operations. Over months this materially increases dependency on external funding, limits reinvestment flexibility, and raises execution risk if capital markets tighten or if growth slows and expected utilization gains are delayed.
Rising LeverageMaterially higher leverage (debt-to-equity ~3.9x) weakens the balance sheet and increases interest and refinancing exposure. This elevated leverage reduces financial flexibility to pursue opportunistic sites, amplifies downside risk in slower growth scenarios, and raises the cost of capital for future expansion.
Net Losses RemainPersistent net losses (net margin ~-21.7%) despite positive EBITDA mean depreciation, financing, and non-operating costs still overwhelm profits. Over the medium term this hinders equity accumulation, can force dilutive capital raises, and delays conversion from growth to sustainable net profitability.