Negative Shareholders' EquityThe balance sheet shows negative shareholders' equity and a negative debt-to-equity ratio, signaling solvency pressure. This materially constrains access to traditional debt or equity capital, raises refinancing and covenant risk, and reduces the company's financial flexibility to execute a durable turnaround.
Declining Revenue And Deep LossesRevenue declined 6.8% while net margin is deeply negative at −33.8%, with negative EBIT and EBITDA margins. Persistent top-line contraction combined with large operating losses indicates structural demand, pricing, or cost shortcomings that must be addressed to achieve sustainable profitability.
Negative Operating Cash FlowOperating cash flow remains negative despite FCF improvement, suggesting reliance on non-operating items or timing effects. Persistent negative OCF undermines the core business's self-sufficiency, increases reliance on external funding, and elevates liquidity and execution risk over the medium term.