Persistent UnprofitabilityConsistently negative gross profit and recurring operating losses signal that core activities do not yet cover production and overhead costs. This structural unprofitability increases reliance on external capital, limits reinvestment, and raises execution risk for scaling commercial operations over the medium term.
Weak Cash GenerationChronic negative operating cash flow implies the business cannot fund operations from internal cash generation. Even with 2025 improvement, persistent negative free cash flow necessitates continued external financing, which can dilute shareholders and constrain strategic investments over the coming months.
Elevated LeverageMaterial debt of ~€165m and meaningful leverage relative to equity increase financial risk given ongoing losses and weak cash flow. High fixed obligations can strain liquidity, limit flexibility for R&D or capex, and elevate refinancing risk if operating performance does not improve over the medium term.