Weak Cash GenerationPersistent negative free cash flow and a slightly negative 2025 operating cash flow signal poor cash conversion and working-capital pressure. This undermines the company's ability to self-fund capex, pay dividends, or build reserves, forcing reliance on external financing over the medium term.
Sharp Revenue DownturnA ~35% revenue decline in 2025 represents a material structural hit to scale and fixed-cost absorption. Sustained top-line deterioration erodes operating leverage, pressures margins, and can impair supplier/distribution relationships, making recovery and margin restoration more challenging.
Historical Balance-sheet InstabilityPrior episodes of negative equity and extreme implied leverage point to past solvency stress or recapitalization. Such history raises the risk of recurring capital structure fragility, higher financing costs, and more stringent lender/investor scrutiny during future downturns.