Persistent Net LossesA persistent negative net margin and negative ROE constrain retained earnings and limit the firm's ability to self-fund expansion or return capital. Structural losses increase reliance on external financing, elevate dilution risk, and reduce long-term shareholder value unless profitability is sustained.
Uneven Cash-Flow DurabilityPositive but declining free cash flow signals weak cash conversion durability. Even with FCF > 0, the meaningful drop versus the prior year raises funding sensitivity for capex and working capital, increasing the need for precautionary liquidity or external capital if margins slip.
Earnings Volatility & InconsistencyHistoric swings between profitability and losses point to structural volatility from product mix, pricing, and regulated market fluctuations. This inconsistency complicates long-range planning, raises forecasting risk for investors, and makes sustained strategic investment decisions harder.