Steep Revenue DeclineRevenue has contracted sharply over multiple years, eroding scale and making fixed-cost absorption and distribution economics harder to achieve. Sustained top-line decline undermines long-term margin recovery, investment capacity and competitive position in the plant-based market.
Weak Balance Sheet / High LeverageEquity has been materially eroded and leverage is high, creating solvency and refinancing risk. A weak capital structure limits strategic flexibility, increases the likelihood of dilutive capital raises or costly debt, and elevates long-term risk to continuity of operations.
Consistently Negative Cash GenerationPersistent negative operating cash flow and FCF deplete liquidity and force reliance on external financing. That constrains reinvestment in growth, hinders marketing/distribution efforts needed to reverse revenue declines, and raises execution risk for strategic initiatives.