Persistent Net Losses Since 2023Ongoing net losses and a deeply negative 2025 margin (~-123%) indicate structural profitability deficits. Continued deficits erode equity, restrict retained earnings for reinvestment or capex, and limit the firm's ability to rebuild reserves, weakening long-term financial flexibility absent sustained margin recovery.
Unreliable Cash GenerationVolatile operating cash flow, with OCF and FCF negative in 2025, signals unreliable internal funding. Negative free cash flow forces dependence on external financing or asset disposals to meet obligations, reducing resilience to rate shocks and constraining ability to invest in asset upkeep or growth long term.
Eroding Balance-sheet MetricsDeclining equity and assets alongside persistently negative ROE point to capital erosion and inefficient asset use. This deterioration undermines borrowing capacity and balance-sheet strength, signaling potential pressure on asset quality and limiting strategic options until profitability and returns improve.