Revenue Decline And Persistent LossesSustained revenue decline combined with deeply negative net and EBIT margins signals structural demand, pricing, or cost issues. This erodes scale benefits in a capital‑intensive business, making it harder to cover fixed fleet and processing costs and threatening long‑term profitability.
High LeverageA debt/equity ratio near 1.9 reflects heavy reliance on borrowing to fund operations and assets. High leverage raises interest and refinancing risk, constrains investment in capture capacity or tech, and increases vulnerability to cyclical slowdowns in project awards or delays.
Weak Cash GenerationMassive FCF deterioration and poor cash‑to‑earnings conversion indicate limited internal funding for capex, maintenance of aircraft/sensors, and dataset refreshes. This forces dependence on external financing, reducing flexibility and risking service delivery and long‑term competitiveness.