Sharp Revenue DeclineA >50% revenue contraction materially undermines scale economics and long-term contract competitiveness. Reduced top-line volume erodes fixed-cost absorption, restricts backlog replenishment, and makes margin recovery and profitable growth difficult without meaningful operational or commercial restructuring.
Persistent Unprofitability And Negative MarginsOngoing negative EBIT and net margins indicate the core business is not generating sustainable profits. Over months this erodes equity, limits retained-earnings funding for capex, and forces reliance on external capital or cost cuts, impairing long-term competitiveness and investment capacity.
Negative Operating Cash Flow And Deteriorating FCFNegative operating cash flow and a >100% decline in free cash flow create structural liquidity strain. Even with low leverage, weak cash generation limits the company's ability to fund working capital, meet supplier terms, or invest to stabilize revenue, raising refinancing and solvency risks in the medium term.