Persistent Operating LossesDespite EBITDA progress, sustained EBIT and net losses limit retained earnings and internal funding capacity. Ongoing losses necessitate external capital or significant cost restructuring, constraining strategic choices and slowing the path to durable shareholder value creation.
Negative Free Cash FlowPersistently negative free cash flow, even after operating cash improvements, shows capex or working-capital demands still consume cash. Continued negative FCF forces reliance on external financing, which can constrain investment and elevate execution risk over the medium term.
Consistently Negative Return On EquityNegative ROE across reported years indicates the company has not converted equity into positive returns, reflecting structural profitability issues. This undermines investor confidence, raises the cost of capital, and signals deeper margin or allocation problems to address.