Profitability DeteriorationConsecutive large net losses (~-€20.0M in 2024 and ~-€17.6M in 2025) weaken earnings power and can erode equity if prolonged. Persistent losses constrain reinvestment, limit dividend capacity and raise refinancing risk, affecting durable financial strength over a multi-month horizon.
Revenue VolatilityExtreme year-to-year swings (130% up, then -77.5%, then +62%) indicate an unpredictable revenue base. Such volatility undermines forecasting, working-capital planning and margin sustainability, making operational and strategic planning riskier over the next several months.
Uneven Cash ConversionDespite the 2025 improvement, prior years showed negative free cash flow and near-zero operating cash flow in 2023. This uneven conversion implies cash generation can be lumpy, raising the risk that liquidity and funding for operations will be stressed if favorable cash outcomes do not persist.