Recent Net LossesConsecutive net losses in 2024–2025 erode retained earnings and limit internal reinvestment capacity. Persistent losses reduce strategic flexibility, weaken investor returns, and make it harder to rebuild margins and scale without operational improvement or external funding over the medium term.
Volatile, Recent Negative Cash FlowOperating and free cash flow volatility, with the latest year in outflow, undermines predictable funding for working capital and capex. Over 2–6 months this raises reliance on liquidity buffers or external financing and constrains investment in backlog delivery or new bids.
Declining Revenue TrendAn 11.4% revenue decline in 2025 and negative multi-year growth reduce scale and hurt fixed-cost absorption. Structurally weaker top-line jeopardizes margin recovery, diminishes pricing power and bargaining position with suppliers, and makes sustained profitability harder without revenue stabilization or new markets.