CLink Squared Limited reported QQ3 2024 revenue of MYR 23.68 million, with a gross profit of MYR 6.82 million and a gross margin of 28.79%. Despite a modest YoY revenue decline (-1.12%) and a QoQ drop (-4.55%), gross margin improved meaningfully from the prior quarter, reflecting potential mix shift or cost containment at the gross level. The quarter produced a substantial operating loss of MYR 10.96 million and an EBITDA loss of MYR 9.95 million, driving a net loss of MYR 11.27 million and a negative net income margin of 47.6%. The company, however, generated solid operating cash flow of MYR 9.33 million and free cash flow of MYR 9.16 million, supported by working capital movements and non-cash items, underscoring a healthy liquidity position with a cash balance of MYR 59.72 million and a net debt position of MYR -54.49 million. The balance sheet shows a large goodwill balance (MYR 191.91 million) and minimal near-term indebtedness, contributing to a robust current ratio (~6.1) and a cash ratio (4.21x). While liquidity remains strong, the business continues to face profitability headwinds from a high fixed-cost base and ongoing operating expenses that outpace revenue growth. Absent a material pivot to cost optimization and higher-margin revenue streams, the margin trajectory suggests the need for strategic actions to translate cash generation into sustainable earnings. Management commentary is not included in the provided data; as such, the forward-looking assessment relies on quantitative metrics and industry dynamics. Investors should monitor operating expense discipline, margin expansion, and any strategic initiatives around software-enabled services or cross-selling that could unlock incremental profitability.