Multi-year Revenue DeclineA persistent revenue downtrend erodes scale advantages and reduces recurring aftermarket demand tied to installed systems. Continued top-line contraction makes it harder to cover fixed costs, pressures margins and limits the firm's ability to invest in R&D, sales coverage and service capabilities that drive long-term growth.
Persistent Net LossesSustained negative net margins and recurring losses weaken equity returns and can gradually erode capital buffers. Without durable profitability, the company risks constrained reinvestment, reduced ability to scale aftermarket revenue, and ongoing reliance on cash conservation measures that could hamper long-term competitiveness.
Volatile Cash Generation HistoryIntermittent negative operating and free cash flow in prior years shows cash generation is sensitive to demand swings and working-capital timing. Such volatility raises the risk of episodic funding needs, complicates multi-year planning for capex and product programs, and could increase reliance on external financing in downturns.