Persistent Losses And Margin CollapseA collapse in gross profit and continued negative operating and net results point to structural margin pressure or cost mismatches versus selling prices. Without durable margin recovery, revenue gains may not translate into sustainable profitability or return generation.
Worsening Cash GenerationNegative operating and free cash flow that deteriorated through 2024–2025 increases dependence on external financing or working-capital fixes. Poor cash conversion constrains reinvestment, elevates liquidity risk, and makes long-term recovery contingent on restoring cash margins.
Sharp Debt Increase In 2025A material increase in borrowings during a period of losses raises leverage and refinancing risk. Higher debt servicing needs, combined with weak cash flow and falling equity, reduce financial headroom and increase vulnerability to adverse industry cycles or capital market stress.