Persistent Net LossesDespite operating-level gains, net margin of roughly -21.7% indicates depreciation, financing and other non-operating costs still overwhelm income. Persistent net losses limit retained capital, constrain reinvestment capacity, and necessitate external funding or dilution to support growth over the medium term.
Negative Operating And Free Cash FlowConsistent negative operating cash flow and a deeply negative free cash flow (~-102.1M in 2025) show the business burns cash to expand. This reliance on outside financing raises execution risk, can slow roll-out if capital tightens, and increases sensitivity to interest rate and funding market conditions.
Rising Leverage And Weaker Balance SheetDebt-to-equity jumping to ~3.9x signals materially higher leverage and reduced equity cushion. Elevated leverage increases fixed obligations and refinancing risk, limits strategic flexibility, and raises the chance of dilution or higher funding costs if growth slows or market rates rise over the coming months.