Inconsistent Cash GenerationCash flow has swung from positive FCF in 2024 to negative operating and free cash flow in 2025, implying working-capital swings and uneven cash conversion. This raises funding and execution risk over the medium term and can force reliance on external financing or constrain reinvestment until stability returns.
Net Margins Still NegativeDespite margin and EBITDA improvement, persistent negative net margins mean the company has not yet delivered sustainable bottom-line profitability. Continued losses limit retained earnings, hinder shareholder returns, and mean balance-sheet strength hasn't translated into durable ROE or distributable cash.
Revenue Volatility And Uneven DemandThe top line is volatile and still beneath 2023 levels, reflecting uneven ordering cycles in its end markets. Persistent revenue volatility impairs forecasting, produces lumpy capacity utilization, and can reverse margin gains during downturns, making earnings and cash generation less predictable.