Very Large Operating LossesOperating margins near -90% show the company is still in heavy investment mode and far from break-even. Such persistent operating losses erode capital, delay self-sufficiency, and mean profitability depends on sustained revenue expansion and major cost structure improvements.
Negative Operating And Free Cash FlowContinued negative operating and free cash flow (~-290M and -303M) creates ongoing cash burn, requiring external financing until operations generate positive cash. Even with improvement versus 2024, this structural cash gap raises dilution and refinancing risk over the medium term.
Declining Equity And Negative ROEFalling equity and a -37.4% ROE indicate value destruction from losses and weaken the capital cushion against shocks. Continued negative returns reduce financial flexibility, increase dependency on external capital, and heighten the risk of balance-sheet deterioration if losses persist.