Extreme Earnings VolatilityA dramatic revenue and profit swing in 2025 highlights persistent earnings instability. Such volatility degrades forecasting accuracy, complicates capital allocation and supplier/customer relationships, and raises execution risk for strategy and investment decisions over multiple quarters.
Weak Cash GenerationOperating and free cash flows turned negative in 2025 after prior positives, and cash flows have frequently been negative historically. Poor cash conversion restricts reinvestment, increases reliance on the balance sheet or external funding, and limits the company's ability to sustain capex or weather prolonged market weakness.
Sustained Top-line DownsideVery steep revenue contraction (reported ~-65% in the referenced period) signals structural demand or contract risk rather than a short blip. Persistent top-line deterioration hampers margin recovery, depresses returns on equity, and increases the chance of recurring losses absent clear demand stabilization.