Severe 2025 Revenue CollapseA ~57% revenue decline and ~-73% net margin in 2025 materially erode core earnings power and retained capital. Such a large demand or contract shock weakens competitive position, limits reinvestment capacity, and may permanently impair customer relationships and fixed-cost coverage.
Weak And Negative Cash GenerationOperating and free cash flow turned sharply negative in 2025 and have been frequently negative historically, indicating poor cash conversion. Persistent negative cash flow forces reliance on balance sheet buffers, constrains capex and working capital, and raises execution risk over the medium term.
High Earnings Volatility And Inconsistent ReturnsErratic profitability and swings in ROE reflect unstable demand exposure and execution sensitivity. This unpredictability complicates planning, increases funding and operational risk, and limits confidence in margins or cash generation persisting through industry cycles.