Persistent Negative Cash FlowThree consecutive years of negative operating and free cash flow, with large outflows in 2024 and 2025, create structural liquidity risk. Persistent cash deficits increase dependence on external financing, restrict reinvestment, and raise the probability of covenant or funding strain if adverse conditions persist.
Severe Margin DeteriorationA dramatic switch from ~18% net margin in 2024 to ~-51% in 2025, and gross margin collapsing from ~64% to ~37%, signals structural pricing, mix or cost issues. Such deep margin erosion undermines sustainable earnings power and makes medium-term profitability recovery more challenging.
Residual Leverage & Negative ROEDespite deleveraging, sizable absolute debt and negative ROE in 2025 leave little buffer for setbacks. Residual leverage constrains strategic flexibility, amplifies interest and refinancing risks, and limits the company's ability to invest in growth or absorb further demand and margin volatility over the medium term.