Major Customer Loss (iGPS)The sudden loss of a long-term customer created an immediate, material revenue gap and highlights concentration risk. Replacing large, recurring volumes will take multiple quarters, pressuring utilization, margin recovery, and the timeline for restoring historical profitability.
Margin Compression And LossSustained gross-margin compression and a TTM net loss weaken reinvestment capacity and ROE. If cost or pricing pressure persists, margin recovery will be slow, constraining cash available for growth initiatives and making the business more sensitive to demand volatility.
Leverage Tied To Underutilized AssetsDebt linked to largely unused recent equipment limits financial flexibility. Although lender relief (interest-only for 2026) helps near-term cash flow, prolonged underutilization would elevate refinancing risk and reduce the ability to invest in sales or replacement programs until volumes recover.