Material Revenue DeclineSustained revenue contraction across multiple years erodes market scale and bargaining power, making it harder to cover fixed costs and invest in growth. Structural top-line weakness undermines long-term margin recovery and increases reliance on non-operating items to report profits.
Negative EBIT/EBITDA MarginsPersistent negative operating margins point to structural cost or pricing issues in the core business. Even with net income improvement, continued negative EBIT/EBITDA limits internal cash generation, constrains reinvestment, and raises execution risk for any durable recovery over the medium term.
Absence Of Operating Cash Flow In 2024No operating cash flow in the most recent year is a critical liquidity warning: earnings quality is weak and working capital or core operations may be strained. This increases financing dependency and reduces runway, elevating risk to sustaining operations or funding strategic fixes in the coming months.