Sharp Revenue DeclineA ~52% revenue drop in 2025 meaningfully reduces scale and undermines fixed-cost absorption, signaling potential loss of major customers or structural demand weakness. Such a steep top-line contraction can impair long-term margin recovery and makes multi-month operational recovery more challenging without new contracts or markets.
Inconsistent ProfitabilityEarnings have been volatile—strong in 2020–21, a large loss in 2022, a rebound in 2023, then losses in 2024–25—and ROE is negative. This inconsistency undermines confidence in sustainable earnings power, complicates capital allocation and dividend policy, and raises execution risk over the medium term.
Volatile Cash ConversionAlthough FCF is positive overall, cash conversion is uneven and operating cash coverage has been below 1x at times. That volatility limits predictable internal funding for capex, R&D, or dividends and increases the chance management may need external financing during stress, despite low reported leverage.