Persistent Negative Cash FlowDespite accounting profits in 2025, the company continues to burn cash with negative operating and free cash flow, a multi-year pattern. Persistent cash deficits force reliance on external financing or asset sales, increase refinancing risk, and limit capacity to invest in marketing, R&D, or distributor incentives over the medium term.
Thin And Volatile MarginsOperating profitability remains thin and has been volatile over several years, reducing the company's ability to absorb cost inflation or competitive price pressure. Low margins constrain reinvestment, depress returns on capital, and mean growth may not translate into materially higher earnings without sustained margin improvement.
Rising Leverage TrendThe steady increase in debt-to-equity over recent years raises the company's financial risk profile. Higher leverage elevates interest and refinancing pressures, reduces buffer against cash-flow shocks, and limits strategic flexibility if operating cash continues to lag, making funding more conditional on market access.