Free Float OverhangIn the short term, the accelerated bookbuilding (ABB) is likely to lead to a lower share price.
Net Working CapitalA significant negative factor was a 144% increase in net working capital year-on-year, mostly related to receivables.
Supply Chain RiskA key risk to Theon's growth is bottlenecks in the supply chain, especially for image intensifier tubes, although measures are underway to expand production capacity.