Multi-year Revenue DeclineA sustained top-line contraction over multiple years signals weakening market position or declining production, reducing scale benefits and making fixed-cost absorption harder. Continued revenue erosion would impair long-term cash flow and limit capacity to restore profitability without structural change.
Return To Net LossesReverting to sizable net losses and a deeply negative margin erodes retained earnings and investor confidence, constraining reinvestment and dividend sustainability. Persistent losses increase the need for external capital or asset sales, raising execution risk over the medium term.
Shrinking Equity BaseA halving of shareholders' equity materially reduces the balance-sheet buffer against shocks, limiting borrowing headroom and strategic optionality. With a thinner capital base, future adverse results or funding needs will be harder to absorb without dilutive financing or asset disposals.