Earnings Volatility And Large LossesRepeated and deepening net losses, including a substantially larger 2025 loss and negative operating profit in 2024–2025, weaken earnings durability. Persistent losses limit reinvestment, force cost cutting or asset sales, and raise the risk of continued equity depletion over the 2–6 month horizon.
Equity ErosionMaterial decline in equity from 2023 to 2025 shrinks the capital buffer available to absorb further losses. Reduced shareholders' equity makes future financing more dilutive or costly and constrains strategic options like M&A or expanded capex in the medium term.
Revenue Decline & VolatilityRevenue volatility and a decline into 2025 (reported -10.8% growth) undermine scale and fixed-cost absorption, increasing margin pressure. Unstable top-line makes forecasting and investment planning difficult, raising the likelihood that operational leverage will continue to magnify earnings swings.