Persistent Net Losses And Negative MarginsOngoing negative profitability indicates structural challenges in the operating model and limits retained earnings. Persistent losses erode shareholder equity, constrain reinvestment capacity, and make it harder to generate sustainable returns despite a strong balance sheet.
Sharp Revenue Decline In 2024A steep year-over-year revenue drop signals weakening core business activity or investment performance. Sustained revenue declines reduce economies of scale, pressure margins and cash flow, and increase reliance on asset sales or external financing to maintain operations.
Volatile Operating Cash Flows And Weak ConversionUnstable operational cash generation undermines the company's ability to fund capex, cover obligations, and invest strategically. Even with a healthy equity ratio, weak OCF conversion raises liquidity risk and makes planning for multi-quarter investments or distributions more difficult.