Poor Cash Flow ReliabilityRepeated operating cash outflows and negative free cash flow undermine internal funding capacity and increase reliance on external financing or asset sales. This structural cash generation weakness raises liquidity risk, can elevate funding costs, and constrains capital allocation and reinvestment over coming quarters.
Elevated Leverage RemainsAlthough improved, debt remains large relative to equity (debt-to-equity ~2.2x), keeping interest and refinancing risk elevated. High leverage limits financial flexibility, reduces resilience to earnings volatility, and can force asset disposals or dilutive financings if cash flows weaken again.
Steep Revenue DeclineA roughly 45% year‑over‑year revenue drop erodes scale and makes recent profit recovery fragile. Revenue volatility reduces visibility for planning, weakens pricing and margin leverage, and increases execution risk for sustaining earnings; restoring consistent top‑line growth is needed for durable improvement.