Negative Equity & High LeverageNegative shareholders' equity and elevated leverage are structural headwinds: they constrain borrowing capacity, increase refinancing risk, and can force dilutive capital raises. Persistent negative equity undermines long-term financial flexibility and investor confidence.
Negative Operating Cash FlowContinued negative operating cash flow indicates the core business is not yet self-sustaining. Even with rising free cash flow, inability to convert revenue to operating cash constrains reinvestment, franchise support, and debt servicing over the medium term.
Nasdaq Listing UncertaintyOngoing listing compliance risk is a material structural threat: delisting would impair liquidity, raise capital costs, and weaken franchisee and supplier confidence. Even with remediation steps, future reporting non-compliance could still lead to suspension or delisting.