Severely Strained Balance SheetNegative equity and sizable debt materially constrain financial flexibility. Over 2-6 months this raises refinancing and covenant risks, limits ability to fund R&D or pursue new orders, and increases the chance of dilution or creditor-driven restructuring if cash weakens.
Ongoing Net Losses And Negative MarginsPersistent net losses reduce retained earnings and erode shareholder value, limiting the company's capacity to self-fund growth. If losses persist despite margin improvements, management will face pressure to cut costs, seek external capital, or reduce strategic investments.
Historical Cash-flow VolatilityWhile cash flow recently turned positive, past wide swings indicate cyclical or timing-dependent receipts from project-based equipment sales. This volatility complicates planning, makes working-capital management harder, and keeps refinancing tail-risk elevated in the medium term.