In Q1'26, CPNG's Gross Margin plummeted to -206.07%, Operating Margin fell to -11.93%, and Net Profit Margin dropped to -13.12%, marking a sharp downturn from the positive figures in prior quarters and indicating significant operational or cost pressures in the latest period. Over the timeframe from Q2'23 to Q1'26, Gross Margin exhibited an overall upward trend, rising from 26.1% to a peak of 31.3% in Q4'24 before stabilizing around 29-30% and then crashing in Q1'26; Operating Margin fluctuated between -0.34% and 3.92%, showing volatility with intermittent profitability but ending in negative territory; Net Profit Margin was erratic, spiking to 15.7% in Q4'23 amid occasional losses, yet it trended modestly positive until the abrupt -13.12% decline in Q1'26, underscoring underlying inconsistencies in profitability amid broader margin improvements until the final quarter.