Profitability Durability RiskThe 2025 profitability inflection follows several loss-making years, so the profit improvement may be cyclical rather than structural. If revenue or margin drivers reversion occurs, operating leverage could reverse quickly, making multi-quarter profit stability uncertain for investors.
Cash Flow VariabilityCash generation improved in 2025 but followed consecutive years of negative operating and free cash flow. This volatility implies the company's cash conversion is not yet proven across cycles, raising the risk that funding for capex, working capital or dividends could be pressured if growth softens.
Reinvestment Could Pressure ReturnsManagement may need to deploy capital to sustain growth or expand product reach, which could depress near-term returns on equity. Given past equity-funded losses, further reinvestment may limit ROE improvement and keep returns below peers until scale and profitability solidify.