Weak And Inconsistent Cash GenerationPersistent negative operating and free cash flow across 2020–2024, with only a marginal uptick in 2025, implies earnings are not translating into cash. This structural cash generation weakness constrains reinvestment, dividends, and heightens financing risk despite low nominal leverage.
Extremely Small, Volatile Revenue BaseAn extremely small and highly volatile top line makes core business sustainability uncertain. Large swings undermine forecasting, limit scale economies, and mean reported profits may be episodic rather than stemming from a stable, investible revenue model over the medium term.
Earnings Quality Concerns / Equity DropAbnormally large profits relative to a tiny revenue base suggest earnings are driven by non‑operating items, raising permanence doubts. Coupled with a notable equity decline in 2024–2025, this increases the risk that reported earnings do not reflect sustainable operational performance.