Persistent UnprofitabilityOngoing negative net profit and EBIT margins, plus falling gross margin, mean revenue growth is not yet translating into earnings. Structural margin pressure constrains retained earnings, limits reinvestment capacity and necessitates sustained cost or pricing improvements to achieve durable profitability.
Negative Operating Cash FlowCore operations failing to generate positive operating cash raises refinancing and liquidity risks. Even with improving free cash flow, negative OCF constrains funding for sales expansion, manufacturing scale-up and R&D, threatening the longevity of growth unless cash conversion improves.
Moderate Leverage & Weak ROEA debt-to-equity above 1 combined with negative ROE signals elevated financial risk and capital inefficiency. Higher leverage increases interest and refinancing burdens, reducing flexibility to invest in growth or withstand downturns, and makes value creation harder for shareholders over the medium term.