Large, Sustained Revenue DeclineA very steep revenue contraction erodes scale and bargaining power, undermining long-term margin sustainability and investment capacity. Persistently falling top-line reduces cash buffer, stresses the business model, and increases execution risk for turnaround initiatives over months.
Leverage And Balance Sheet Composition ConcernsWhile leverage is currently manageable, a low equity ratio and past higher leverage episodes leave limited headroom if earnings weaken. Combined with revenue volatility, this structural balance-sheet profile could constrain capital allocation and limit ability to absorb further shocks.
Small Operating Scale And Concentrated ResourcesA very small headcount signals limited operational scale and potential dependence on key personnel. This constrains capacity to expand, diversify channels, or absorb disruptions in supply chains and property operations, raising execution risk for strategic initiatives over the medium term.