Persistent Net LossesContinued net losses through 2024–2025 show the company has not yet converted revenue momentum into reliable profitability. Persistent losses limit retained earnings, constrain reinvestment, and increase the need for external capital, raising long-term execution and solvency risk.
Elevated LeverageHigh debt relative to equity amplifies financial vulnerability in this cyclical industry. Elevated leverage increases interest burden, reduces strategic flexibility, and raises refinancing risk if aerospace production slows, making durable recovery contingent on balance sheet repair.
Consistent Negative Free Cash FlowNegative free cash flow across the period means investment and working capital consume operating cash, forcing reliance on external financing or asset actions. Persistent FCF deficits undermine ability to self-fund growth and increase sensitivity to capital markets and creditor terms.