Weak Free Cash Flow GrowthNegative free cash flow growth constrains the company's ability to self-fund expansion, pay sustainable dividends, or pursue acquisitions. Even with good operating cash conversion, negative FCF growth increases reliance on external financing or equity issuance over the medium term.
Lumpy, Program-Based Revenue ProfileDependence on government and program-based contracts produces lumpy revenue and long procurement lead times. Structural timing risk complicates forecasting, can create working-capital swings, and may delay revenue recognition despite sustained underlying demand.
Limited Scale / Small WorkforceA relatively small employee base may limit rapid scaling of manufacturing, program delivery, and global commercial coverage versus larger competitors. Scaling capacity and go-to-market reach could require meaningful investment, pressuring margins and cash in the medium term.