Persistent Cash BurnOperating cash flow is negative in every reported period, with roughly -43.1M in 2025. Persistent cash burn forces dependence on financing or asset sales, limits reinvestment capacity, and raises the structural risk that the business cannot self-fund recovery without sustained profit improvements.
Deep UnprofitabilityVery large operating and net losses (EBIT ~-58.6%, net margin ~-111%) show the core business does not yet cover operating costs. Such structural unprofitability erodes capital over time and requires multi-period operational or business-model change to reach durable profitability.
Eroding EquityMeaningful equity decline and a negative ROE (~-17.8%) reflect ongoing value erosion from losses. Shrinking equity reduces loss-absorbing capacity, increases refinancing risk, and can make future capital raises more dilutive or costly, constraining long-term strategic options.