Zero Operating / Free Cash FlowThe absence of operating and free cash flow in 2024 severely reduces internal funding for capex, working capital, dividends or acquisitions. Even with a strong balance sheet, persistent zero FCF would force reliance on external financing or equity, constraining strategic flexibility and capital allocation over time.
Revenue Decline And Margin CompressionSequential revenue decline and a sharp drop in net margin materially weaken earnings power and cash generation. This deterioration suggests pricing, mix or cost pressures that, if persistent, reduce reinvestment capacity, impair competitive positioning, and strain returns to shareholders over the medium term.
Falling Return On EquityA steep ROE decline signals lower efficiency in converting equity into profits and may reflect structural operational or margin issues. Persistently weak ROE undermines shareholders' long‑term returns, limits access to growth capital, and raises the bar for management to restore profitable growth.