Negative Operating Cash FlowOperating and free cash flow remain negative, meaning the business continues to consume cash to operate and invest. Persistent cash burn limits the company's ability to self-fund faster commercial scaling, raises the probability of future equity raises, and constrains strategic optionality.
Still UnprofitableAlthough margins and adjusted EBITDA show improvement, full-year results remain loss-making. Continued net losses and negative operating margins mean the company has not yet converted operational gains into sustained profitability, limiting internal reinvestment and increasing execution risk if margins slip.
Flat Revenue And Market ConcentrationFlat annual revenue and a domestic sales concentration indicate limited top-line momentum. With international revenue still small, scaling benefits from new IP and delivery platforms depend on successful market entries and regulatory navigation, prolonging the timeline to meaningful, diversified growth.