Persistent Thin Gross MarginsVery low gross margins limit the company’s ability to cover fixed costs and invest in growth without sustained top-line momentum or structural margin improvement. Over several quarters this constraint makes durable profitability harder to achieve and increases sensitivity to pricing, input costs, and contract mix.
Negative Operating And Free Cash Flow In 2025Material negative operating and free cash flow signal weak cash conversion and working-capital pressure. Persisting cash outflows constrain investment, force reliance on reserves or external financing, and create execution risk over the coming months if operational improvements do not continue to reduce the cash deficit.
Equity Erosion And Negative ROEDeclining equity and negative ROE reflect recurring losses that erode shareholder capital. This structural weakness limits balance-sheet resilience, raises the probability of future capital raises on unfavorable terms, and impairs long-term investor confidence absent clear sustained profitability.