Revenue ContractionMulti‑year top‑line decline reduces scale economics critical for e‑commerce marketplaces, weakening supplier leverage, marketing efficiency and customer acquisition ROI. Persistent revenue shrinkage undermines the revenue base that private‑label and cost actions must rebuild, making sustainable recovery more difficult over months.
Persistent Cash BurnOperating cash flow has been negative each year (≈-58M in 2025, -126M in 2024) and free cash flow remains negative, meaning core operations consume cash. Continued burn limits reinvestment into product development and marketing and likely necessitates external funding or asset measures unless cash generation turns positive.
Worsening Operating MarginsDespite a healthy gross margin (~44%), operating margin deterioration to roughly -48% shows overhead, impairments or restructuring costs are overwhelming the business. This structural cost problem means profitability relies on sustained revenue recovery or permanent cost base reduction to restore positive operating leverage.