Declining Revenue TrendA sustained multi-year revenue decline reduces scale advantages, weakens bargaining power, and diminishes operating leverage. Continued top-line contraction makes it harder to restore margins and fund strategic investments, posing a structural headwind to medium-term recovery.
Margin Compression & Profitability LossesSignificant margin compression and a negative EBIT alongside a recent net loss indicate persistent operational strain. Prolonged profitability weakness limits retained earnings, constrains reinvestment capacity, and increases reliance on external capital for necessary transitions or repairs.
Rising Debt RiskNoted increases in debt levels raise refinancing and interest-rate exposure, reducing financial flexibility. Higher leverage limits capital allocation choices, heightens vulnerability to cyclical downturns in coal demand, and could pressure liquidity if cash generation falters.