Negative Shareholders' EquityShareholders' equity turning negative materially weakens the balance sheet and reduces the company's ability to absorb further losses. Negative equity constrains access to traditional debt and equity markets, creating a structural overhang that requires sustained profits or fresh capital to correct.
Still Loss-MakingDespite margin improvement, the company remains loss-making with net margin around -11% and negative earnings. Continued losses necessitate external funding or prolonged use of reserves, slowing reinvestment and delaying the rebuilding of retained earnings needed to restore balance-sheet health.
Revenue Decline & VolatilityRevenue has been volatile and declined (-3.5% in 2025), weakening the durability of recent margin gains. Top-line deterioration makes scaling operating leverage and forecasting harder, extending the time required to achieve sustainable profitability and rebuild shareholders' equity.