In Q1'26, SERV's Gross Margin improved slightly to -3.02%, Operating Margin narrowed to -17.35%, and Net Profit Margin stood at -16.42%, reflecting ongoing profitability challenges but a modest recovery from the deeper losses seen in Q4'25. Over the period from Q2'23 to Q1'26, all three margins exhibited high volatility with a predominantly negative trend, starting from severe losses—Gross Margin at -5.31%, Operating at -66.62%, and Net at -60.61%—and worsening to peaks of -8.34%, -159.67%, and -165.35% respectively in Q4'23, before a brief stabilization in Q1'24 (Gross at 0.63%, Operating at -8.15%, Net at -9.55%) followed by renewed declines, particularly in Operating and Net margins which fluctuated between -18% and -77% in 2024-2025, underscoring persistent operational inefficiencies and cost pressures. The line chart highlights an overall downward trajectory interrupted by occasional rebounds, with Net Profit Margin consistently the most negative, indicating that non-operating factors exacerbate losses beyond gross levels.