Cash Flow VolatilityWhile cash flow turned positive in 2025, prior multi-year negative operating and free cash flow indicate the company’s cash profile has been cyclical. Persistent volatility can strain planning, limit consistent reinvestment capacity, and make earnings durability dependent on execution continuity.
Recent Loss-making HistoryThe firm's profitability is a recent development following several loss-making years. This raises the risk that current margins reflect a transitory phase or one-off improvements; sustained returns will require consistent execution across quarters and resilience to cyclical or competitive pressures.
Growth Reliant On Ongoing ReinvestmentRapid scale-up implies the business model required heavy reinvestment to capture market share. Continued growth may demand similar capital allocation to sales, distribution, and R&D; if reinvestment intensity remains high, it could cap near-term return on equity and leave margins vulnerable if growth slows.