Inconsistent Cash GenerationNegative operating and free cash flow in 2025 highlights unreliable cash conversion and working-capital swings. This elevates funding and execution risk: even with low leverage, the company may need external financing or to delay investments, undermining the sustainability of recent profit improvements.
Top-line Volatility And Lower ScaleRevenue volatility and lost scale versus 2023 constrain long-term margin sustainability and capital allocation. In a cyclical equipment sector, uneven order flows make forecasting, staffing, and fixed-cost recovery difficult, raising execution risk and the chance that margins revert if demand softens.
Net Losses PersistOngoing negative net margins mean shareholders have yet to see durable returns; this limits retained-earnings-driven growth and weakens ROE. Until the company converts improved EBITDA into consistent net profitability, capital allocation and investor-return strategies remain constrained, limiting long-term stability.