Revenue CollapseA ~93% year-over-year revenue drop in 2025 signals a material and persistent contraction in core activity and market access. Such a sharp structural decline materially reduces earning capacity, undermines fixed-cost absorption, and makes recovery of scale and margins difficult without new contracts or assets.
Negative Operating Cash FlowRepeated negative operating cash flow indicates chronic cash burn from core operations, reducing internal funding for maintenance, chartering or investment. Over months this pressures liquidity, may force asset disposals or external financing, and constrains ability to stabilize or grow the business.
Persistent Net Losses & Weak ReturnsContinuous net losses and a deeply negative margin (-71% in 2025) erode shareholder equity and signal poor return on invested capital. Structurally this limits reinvestment, deters counterparties and creditors, and makes sustainable recovery dependent on material operational changes or capital actions.