Inconsistent Cash GenerationUneven cash conversion and a 2025 negative FCF constrain internal funding for capex, inventory or EV projects. Reliance on episodic financing raises execution risk and can force dilutive raises or tighter credit terms, reducing strategic optionality over the next several quarters.
Volatile ProfitabilityLarge year-to-year swings in margins and returns indicate unstable earnings power. Such volatility complicates long-term planning, weakens ability to commit to multi-year investments, and undermines confidence in recurring profitability, making sustainable return generation uncertain.
Dilution, Governance Changes & Listing RiskA recent equity raise plus adoption of a dual-class structure creates dilution and concentrated control, potentially reducing minority shareholder protections. Combined with a Nasdaq bid-price deficiency notice, these corporate events increase structural governance and liquidity risks over the medium term.