Persistent Net LossesChronic negative EBIT and large net losses across multiple years point to a structural inability to cover operating costs from core activities. Ongoing losses erode equity, limit reinvestment capacity, and require sustained cash support or a clear operational turnaround to restore long-term viability.
Rising Leverage, Shrinking EquityRapid increase in leverage combined with a material decline in equity meaningfully reduces financial flexibility and raises refinancing and solvency risk. Higher debt servicing needs constrain capital allocation and make sustaining operations without external capital increasingly difficult over the medium term.
Cash Flow Deterioration In 2025The shift to negative operating and free cash flow in 2025 signals weakening cash conversion and increases reliance on external financing. This deterioration, coupled with higher leverage, tightens liquidity and elevates execution risk for multi-quarter recovery plans without new funding or swift margin improvement.