IPO-related Valuation SkepticismInvestor skepticism tied to IPO risk and a valuation discount versus peers may limit upside until consistent margin improvement and growth momentum are demonstrated.
Profitability ConcernsPersistent negative operating margins continue to raise doubts about the company’s path to sustained profitability, keeping valuation under pressure.
Sales Momentum RiskA material decline in net new ARR raises concern about sales momentum and could weaken near-term growth expectations if not reversed.