Persistent Net LossesDespite operating improvements, the company remains loss-making at the bottom line across multiple years. Chronic net losses erode retained earnings, limit capacity to self-fund growth, increase reliance on external capital, and present a structural obstacle to restoring shareholder returns over the medium term.
Weak Cash GenerationNegative operating and free cash flow in successive years shows profits are not translating into liquid resources, perhaps due to working-capital demands or non-cash adjustments. Prolonged cash deficits raise funding and execution risk, potentially forcing asset sales, equity raises, or curtailed investment.
Limited Balance-Sheet ImprovementOngoing negative shareholder returns mean limited retained-earnings replenishment and slower balance-sheet repair. Even with manageable leverage, persistent losses constrain capital accumulation, hindering long-term resilience and reducing optionality for strategic initiatives or downturns.