Ongoing UnprofitabilityAlthough losses narrowed, the firm remains unprofitable and operating losses continue. Persistent negative earnings mean the company still needs to demonstrate sustainable operating profitability to justify reinvestment, reduce dilution risk, and generate shareholder returns.
Cash Generation InconsistencyA one-year improvement after deep outflows signals volatility. Lumpy cash conversion undermines reliable planning, increases refinancing risk if trends reverse, and makes it harder to commit to long-term marketing or capex without more consistent multi-period cash evidence.
Limited Scale And ResourcesA small headcount and likely limited scale constrain distribution, marketing reach, and supply-chain negotiating power vs. larger peers. Structural scale disadvantages can slow market share gains and require higher per-unit investment to expand retail placement over the medium term.