Ongoing Net LossesSustained net losses signal the company has not yet converted revenue growth into consistent profitability. Continued losses can erode equity, constrain reinvestment capacity, and require financing, making long-term margin recovery and sustainable return generation an execution risk for management.
Volatile Free Cash FlowSharp negative free cash flow in 2025 highlights uneven cash left after investment, likely from capex or working-capital swings. This volatility reduces financial flexibility, may force external funding during downturns, and complicates planning for capacity expansion tied to future contract wins.
Rising Leverage TrendIncreasing debt relative to equity weakens the balance sheet buffer and raises interest and refinancing risk. If profitability and free cash flow recovery lag, higher leverage could constrain strategic flexibility, elevate financing costs, and limit ability to pursue larger commercial-scale projects over the medium term.