No Positive Free Cash FlowEarnings failing to convert into free cash flow is a structural weakness: it limits the company's ability to fund capex, reduce debt, or pay dividends without external financing. Over several months this constrains strategic investment and increases reliance on capital markets or lenders.
Limited Cash-flow VisibilityAbsent key cash metrics and limited visibility into operating cash make forecasting and stress-testing difficult. This reduces confidence in sustainability of margins and debt servicing, complicating capital allocation decisions and raising execution risk over the medium term.
Residual Leverage RiskWhile leverage has improved, a moderate debt load still exists. That exposure can amplify the impact of production setbacks or cost inflation, increase interest burdens, and limit flexibility for M&A or capex, posing a persistent risk to financial resilience in coming months.