Severe Revenue CollapseAn ~84% revenue decline is a structural threat to the business model: loss of scale undermines pricing power, fixed-cost absorption, and market position. Restoring customers and revenue often requires time and investment, making near-term margin recovery and competitiveness uncertain.
Weak Cash GenerationConsecutive years of negative operating and free cash flow indicate persistent cash burn and volatile cash conversion. Without reliable cash generation, the company may need external funding, which could be dilutive or costly, constraining investment and operational resilience.
Equity Decline / Value ErosionMaterial equity decline and negative ROE reflect shareholder value destruction and a thinner solvency cushion. This weakens the company's ability to absorb shocks, invest for growth, or secure favorable financing, increasing long-term execution and stability risk.