Negative Shareholders' EquityNegative shareholders' equity is a structural solvency concern: it limits the company’s ability to raise debt or equity on reasonable terms, increases refinancing risk, and constrains strategic options, creating prolonged balance sheet vulnerability over the medium term.
Persistent Losses & Margin PressureOngoing negative net and EBIT margins, plus falling gross margin, indicate core operations aren't yet profitable. Without structural cost reductions or pricing power this undermines sustainable earnings generation and limits the company’s ability to convert growth into durable profits.
Modest FCF And Cash Conversion RiskModest free cash flow and low operating-cash-flow-to-net-income imply earnings may not reliably convert to cash. That volatility raises liquidity risk and restricts reinvestment or debt service capacity, especially problematic given negative equity and ongoing losses.