Persistent Cash BurnConsistently negative operating and free cash flow, with FCF weakening in 2025, means the business does not self-fund. Long-term reliance on external capital increases dilution and refinancing risk, constrains capacity investments and aftermarket development, and limits resilience during market or project delays.
Weak ProfitabilityDeep, persistent net losses and negative operating profitability indicate the company has not yet converted revenue growth into sustainable margins. Ongoing losses erode returns, make positive ROIC elusive, and can deter long-term investors and partners unless there is a credible path to structural margin improvement.
Capital Erosion / Declining EquityDeclining equity and total assets signal capital erosion driven by losses. A shrinking equity base reduces the balance sheet buffer against operational shocks, raises potential financing costs, and limits strategic flexibility, making the company more vulnerable until profitability and cash generation recover.