Caro Holdings Inc delivered a Q1 2025 report characterized by a small top-line in USD terms and a substantial cash burn driven by heavy operating costs and interest/other expenses. Revenue stood at USD 18.8 million (approximate, reported in thousands), with gross profit of USD 9.6 million and a gross margin of about 51%. However, the company posted an operating loss of USD 22.8 million and a net loss of USD 46.4 million for the quarter, translating into an EPS of -0.0013. EBITDA was negative at USD 12.6 million, underscoring the drag from non-operating costs and high interest expense. The balance sheet reveals pronounced liquidity and solvency concerns: total assets about USD 459.3 million versus total liabilities of USD 970.5 million, yielding negative shareholders’ equity of USD 511.2 million. Current liabilities exceed current assets by a wide margin, producing a current ratio of 0.23 and a cash balance of USD 5.8 million at period-end. Cash flow from operations was negative USD 34.6 million, with modest capital expenditure (USD 2k) and net financing activity contributing USD 20 million of cash inflow, culminating in a net cash decrease of USD 14.98 million during the quarter. These dynamics suggest limited near-term upside absent meaningful debt restructuring, asset monetization, or corporate actions such as strategic mergers or a backdoor listing. Management commentary (where available) is not included in the provided data, limiting the ability to anchor qualitative guidance; as such, the investment thesis remains highly conditional on structural changes that could alter liquidity, leverage, and capital allocation trajectories.