Persistent Net LossesContinuous annual losses through 2025 erode equity and limit the firm’s ability to retain earnings for reinvestment. Persistent unprofitability weakens long-term returns, hinders capital accumulation, and increases dependence on external funding to sustain operations.
Severe Cash BurnA dramatic cash-flow deterioration to ~-212M in 2025 sharply increases liquidity and financing risk. Sustained negative OCF and free cash flow can force asset disposals, dilutive capital raises or curtailed investment activity, impairing durable strategic execution.
Unstable/negative Revenue BaseConsistently negative and volatile reported revenues undermine a stable earnings foundation. An unstable revenue base impairs margin recovery, complicates forecasting and heightens reliance on external financing or sponsor support for sustained operations.