Highly Volatile And Negative RevenueCore top-line instability and a negative revenue print undermine the business model's predictability. Weak, erratic revenue makes long-term planning, margin improvement, and sustained cash generation uncertain, constraining durable operational recovery prospects.
Persistent Negative EBIT And Recent Net LossesNegative EBIT indicates the core business is not generating operating profits, implying reliance on non-operating items to mask weakness. Long-term value creation is impaired while underlying operations remain loss-making, limiting reinvestment and shareholder returns.
Volatile Cash Generation; FCF Declined In FY2025Historic volatility in operating and free cash flow, with a marked FCF decline in the most recent year, raises structural funding risk. Even with recent positive years, inconsistent cash generation undermines capital allocation, investment planning, and lender confidence.