Volatile ProfitabilityEarnings swung from healthy profits to sizable losses and back to near break-even, creating forecasting uncertainty and undermining confidence in margin sustainability. Persistent profit volatility can limit strategic planning, harm supplier/creditor terms, and impair long-term investment choices.
Negative Free Cash FlowOngoing slightly negative free cash flow, despite operating cash recovery, indicates capex or working-capital needs still consume resources. This constrains the company's ability to deleverage, return capital, or self-fund growth, raising reliance on external financing if the pattern persists.
Past Debt Increase And Equity PressureA material debt increase and equity erosion in 2024 demonstrate the balance sheet's sensitivity to earnings shocks. Even though metrics improved in 2025, recurrence of losses could quickly re-pressure equity and elevate solvency risk, constraining capital allocation in future downturns.