Elevated LeveragePersistent debt levels above equity (mid‑1.6x D/E) mean the company is dependent on external funding; this raises refinancing and interest-rate sensitivity. High leverage reduces balance-sheet flexibility and increases downside risk if market funding costs rise or capital markets tighten in the medium term.
Historic Earnings Volatility And Recent LossesThe record of net losses in 2023–2024 and multi-year earnings swings undermines predictability of distributable profits. Such volatility complicates capital allocation, dividend planning and long-term forecasting, meaning earnings resilience is not yet fully established despite recent recovery.
Inconsistent Free Cash FlowVariability in FCF, including an annual period with zero free cash flow, suggests cash conversion is sensitive to timing of investments and operations. Inconsistent FCF weakens the firm's capacity to fund acquisitions, capex or cover maturities reliably, increasing operational and refinancing risk over time.