Ongoing Net Losses / Negative ROEPersisting net losses and negative ROE constrain retained earnings and shareholder returns despite operational gains. Until net profitability is consistently achieved, the company faces limits on dividend capacity, heightened scrutiny on capital allocation, and potential dilution risks if external capital is needed.
Modest Cash Conversion And Historical VolatilityA low operating cash flow coverage ratio indicates that a meaningful portion of revenue does not convert to cash, reducing earnings quality. Combined with earlier-period volatility in cash flows, this modest conversion increases sensitivity to margin pressure or working capital swings and weakens predictability of funding for growth.
Rising Absolute Debt Since 2023Although leverage ratios improved, rising absolute debt increases interest and refinancing burden, especially while net losses persist. Higher nominal debt can constrain strategic flexibility, elevate fixed financial costs, and create risk if cash generation falters or capital markets tighten, limiting long-term optionality.