Persistent Losses And Weak MarginsOngoing net losses and deeply negative margins indicate the company cannot currently cover operating costs from sales. Persistent unprofitability erodes equity, restricts reinvestment, and makes achieving durable returns dependent on sustained margin recovery or structural cost reductions.
Inconsistent Cash GenerationHistoric swings in operating and free cash flow, including recent negative years, mean cash generation is unreliable. That inconsistency forces periodic reliance on external funding, reduces strategic optionality, and heightens vulnerability to macro shocks or commodity cycles in the coming months.
Historical Balance-sheet Risk And Negative ROENegative ROE and past episodes of negative equity and very high leverage reveal structural balance-sheet fragility. If losses persist, leverage and refinancing risk can re-emerge, increasing borrowing costs, covenant pressure, and limiting the company's ability to pursue long-term growth.