Balance-sheet BufferThe company’s balance sheet, while showing increased leverage, still holds sizable equity (~1.13B) and substantial assets. That buffer reduces the near-term risk of liquidation or forced asset sales, giving management time to execute operational fixes or refinance under more favorable terms.
History Of ProfitabilityPast profitable years indicate the core business model can produce positive margins in healthier market conditions. This historical track record implies operating leverage and controllable cost structure exist, supporting a credible path to recovery if demand and pricing normalize over the coming months.
Improving Cash-flow TrendAlthough cash generation remains negative, the improvement in 2024 free cash flow versus 2023 signals early stabilization in working capital or capex discipline. If sustained, this trend reduces near-term refinancing pressure and supports incremental deleveraging or reinvestment into core operations.