Revenue DeclineA near-term revenue contraction of almost 10% weakens top-line momentum and threatens scale economics. If the decline persists over several quarters, it can erode bargaining power, increase per-unit costs, and make sustained margin recovery and reinvestment materially harder.
Margin Compression From 2022 PeakNet margin falling from ~11.6% to ~2.8% signals structural pressure on pricing or cost control versus the 2022 peak. Lower margins reduce ROE and internal funds for growth, leaving less buffer for investment or shocks and making long-term return generation more challenging.
Volatile Cash FlowsHistoric volatility in operating cash flow reduces predictability of funding for capex, R&D, or shareholder returns. Even with 2025 improvement, cyclical swings complicate planning and raise the risk that strong cash years may not persist, constraining reliable long-term investment execution.