Persistent Accounting LossesDespite improving metrics and positive EBITDA, TTM EBIT and net income remain negative, meaning the company has not yet delivered consistent accounting profitability. Continued losses constrain retained capital, limit options for reinvestment, and require sustained margin or volume gains to achieve durable profitability.
Cash Flow VolatilityAlthough recent TTM operating and free cash flow are positive, historical multi-year volatility raises durability concerns. Episodic negative cash flow in prior years suggests working-capital swings or episodic investments that could recur and stress liquidity absent consistent cash conversion.
Limited Scale / ResourcesA small headcount (35 employees) implies limited internal resources for national sales, supply-chain optimization, and marketing. Structural scaling challenges increase reliance on third-party partners and heighten execution risk as the company expands distribution and attempts to sustain high-margin growth.