Weakened Profitability (small Net Loss 2024)A shift to a small net loss signals erosion of operating leverage and pressures on long-term return metrics. Persisting losses would deplete retained earnings, constrain reinvestment capacity, and make sustaining discretionary spend or dividend policies harder without structural margin recovery.
Erratic, Thin Free Cash Flow (~¥21M)Low and volatile free cash flow limits the company's ability to self-fund growth, tolerate margin shocks, or pursue strategic initiatives. Over the medium term this raises execution risk, may force cost cuts or external financing, and weakens resilience versus peers with steadier cash generation.
Historically Volatile Revenue TrendMarked revenue swings complicate planning and make profitability unpredictable. Structural demand or client-concentration issues that cause such volatility increase the chance of repeating revenue declines, undermining sustained margin improvement and making multi-quarter guidance unreliable.