Material Revenue DeclineA sustained top-line decline (≈33% in 2025) undermines operational scale and long-term margin recovery. Persistent revenue contraction limits pricing power, reduces fixed-cost absorption, and makes durable profit improvement harder without structural market or product changes.
Negative Operating Profit And Weak Core MarginsNegative operating profit and tepid EBITDA margins imply core operations are not consistently profitable. Dependence on non-operating items for reported net income weakens earnings quality and makes sustainable margin restoration a structural challenge.
Volatile Earnings And Cash Flow HistoryIrregular free cash flow and swings in net results (including prior large loss years) reduce predictability of funding and increase execution risk. This volatility complicates budgeting, capital allocation and confidence in repeatable performance over 2-6 months.