Severe Revenue Collapse And Persistent LossesRevenue fell sharply from billions to zero by FY2025 while the company reported persistent net losses. Loss-making operations erode scale, reduce operating leverage, and impair the company’s ability to reinvest, making sustained recovery and competitiveness difficult.
Highly Stressed Balance Sheet And Negative EquityVery large absolute debt and deeply negative equity indicate accumulated losses and weak solvency. Shrinking assets and limited capital buffer constrain financial flexibility, raise refinancing risk, and limit capacity to invest or withstand further operational setbacks.
Volatile Cash Flow Small Versus LeverageRecent positive cash flow is encouraging, but year-to-year swings and amounts small relative to heavy debt reduce confidence in durability. If cash generation falters, the company may struggle to service debt, fund maintenance capex, or execute a credible deleveraging plan.