Negative Operating And Free Cash FlowPersistent negative operating and free cash flow indicates the business still consumes cash despite improving earnings trends. This raises funding and dilution risk, forcing reliance on external capital until cash generation is consistently positive and predictable.
Profitability Not Yet EstablishedAlthough losses have narrowed, continued negative EBIT/EBITDA and a small net loss mean the company hasn't achieved sustainable profitability. This leaves margins vulnerable to cost pressures and delays the firm's transition to self-funded expansion.
Small Scale And Volatile Capital BaseA modest asset base and historically volatile equity suggest limited internal resources to absorb setbacks or fund rapid scale-up. Combined with a small team and variable cash flow, this elevates execution and operational risk and increases likelihood of future capital raises.