Declining RevenueA steep top-line decline (~-24% in 2025) erodes scale, reduces fixed-cost absorption and weakens market position. Persistent revenue contraction undermines long-term margin recovery and makes restoring sustainable profitability and cash generation more difficult over several quarters.
Negative Operating Cash FlowNegative operating cash flow is a durable liquidity concern: it forces reliance on financing or non-operational cash sources to meet obligations. Over months this constrains investment, working capital management and increases refinancing or covenant risks if not remedied.
Negative Profitability / ROEA negative return on equity and negative net margins signal the business is destroying shareholder value. Without structural improvements to margins or topline, equity erosion and weak returns will persist, limiting ability to attract capital and sustain operations long-term.