As of Q4'25, NET reported an operating income of -49M USD, reflecting a year-over-year decline of -41.8%. This marks a deterioration compared to the previous quarter, indicating continued operating losses into the end of 2025. Over the period from Q1'23 to Q4'25, NET's operating income has remained consistently negative, with notable fluctuations. The company saw some improvement in operating losses in Q2'24 and Q3'24, with the smallest loss recorded at -30.8M USD in Q3'24 and positive YoY growth during those quarters. However, this trend reversed sharply in Q2'25, when operating losses deepened to -67.3M USD and YoY growth dropped significantly to -93.9%. Overall, the data shows a volatile pattern with no sustained improvement, underscoring ongoing profitability challenges for NET throughout the observed period.