Persistent Negative MarginsDespite revenue growth, the company reports negative gross, EBIT/EBITDA and net margins, indicating it is not converting sales into sustainable profits. Continued margin deficits constrain retained earnings, limit internal funding for growth, and imply structural cost or pricing issues that must be addressed.
Negative Operating And Free Cash FlowCash flow analysis shows negative operating and free cash flow and declining FCF growth, meaning the business currently consumes cash rather than generates it. This reduces capacity for capex, mine optimization, and debt service, increasing dependence on external financing and raising long-term execution risk.
Elevated And Rising LeverageThe balance sheet exhibits a high and rising debt-to-equity ratio with negative ROE, signaling mounting leverage. Higher debt levels materially constrain financial flexibility, elevate refinancing and interest risk, and can force prioritization of creditor obligations over growth or operational improvements.