Persistent Net LossesThree years of net losses and negative margins reflect a structural profitability gap. Continued losses erode retained earnings, limit reinvestment capacity, and increase reliance on external funding; sustained unprofitability poses a medium-term risk to balance sheet strength and shareholder returns.
Weak Operating Cash FlowLack of operating and free cash flow in the latest period indicates the business is not self-funding its operations or investments. That structural cash-generation shortfall can constrain capex, working capital management and debt servicing, raising the likelihood of external financing needs over months.
Earnings Deterioration / ROE PressureA steep EPS decline and negative return on equity signal material erosion of shareholder value. Persistent earnings deterioration makes capital raises more dilutive and investor support harder to secure, limiting strategic flexibility and raising the risk of corrective actions if profitability is not restored.