Persistent Large Net Losses And Negative EBITSustained, substantial net losses and negative EBIT across multiple years indicate structural profitability issues, eroding retained capital and limiting reinvestment ability. Over the next 2–6 months, persistent operating losses will keep pressure on solvency metrics and constrain management's ability to fund strategic initiatives without external financing.
Rising Leverage And Collapsing Equity BaseA rapid rise in debt-to-equity driven by falling equity halves the capital cushion and amplifies financial risk. Higher leverage reduces flexibility to absorb shocks, raises refinancing and covenant risk, and limits capacity to pursue growth or restructure—constraints that materially affect strategic options over the coming months.
Cash-flow Deterioration In 2025The switch to negative operating and free cash flow in 2025 marks a material weakening of liquidity generation. That deterioration reduces ability to service rising debt, fund working capital, or absorb earnings volatility. Unless cash conversion is restored, the company faces higher dependency on external financing in the near term.