Persistent Negative Cash FlowOperating cash flow is negative every year and free cash flow is consistently negative, implying the business consumes cash to operate and invest. Persistent cash burn forces reliance on external financing, constrains strategic choices, and increases refinancing risk over months.
Structural UnprofitabilityGross margin turning negative and very large operating losses indicate structural pricing and cost issues. With net margins between roughly -32% and -81%, the company cannot self-fund growth or capex, eroding shareholder value and making profitability recovery harder.
Reversing Revenue GrowthAfter rapid scaling, revenue growth reversed and fell roughly 29% in FY2026, signaling demand, pricing, or channel challenges. Sustained top-line contraction hurts fixed-cost absorption, prolongs losses, and complicates reaching the operating leverage needed for durable profitability.