Yes, a startup with a low cash conversion score can still be successful. The cash conversion score primarily measures the current return on investment (ROI) of the dollars put into the business. A lower score might mean that the company is in an early stage, where significant investments are being made into product development, market research, and user acquisition, which are expected to yield returns in the future. However, it’s crucial for such companies to closely monitor this and other metrics to ensure they are moving toward profitability.