Persistent Net LossesReporting net losses every year from 2020–2025 is a structural weakness that erodes retained earnings and equity, constrains reinvestment, and undermines investor and creditor confidence. Continued losses make a sustained recovery and funding access harder over months.
Severe Revenue Collapse In 2025A ~92% YoY revenue decline in 2025 reflects a materially weakened revenue base—likely lost contracts or clients—which damages recurring cash generation and operating leverage. Restoring top-line scale is a structural challenge that will constrain margin recovery over the medium term.
Chronic Negative Operating Cash Flow And Rising Cash BurnConsistent negative operating cash flow and large 2025 cash burn (OFCF ~-71.6M; FCF ~-86.3M) create persistent liquidity pressure, forcing external financing or asset sales. That structural cash deficit impairs operational flexibility and increases refinancing risk over the coming months.