Consecutive Losses & Falling SalesConsecutive net losses in 2024–2025 combined with declining revenue show the company has yet to reverse a deteriorating top-line trend. Persistent losses erode retained earnings, constrain reinvestment, and prolong reliance on external financing until growth and sustainable profitability return.
Negative Operating MarginsNet margin remained negative (~-5% in 2025) and operating profit stayed below zero in 2024–2025, highlighting operating-model weakness. Structural operating losses limit internal capital for growth, impede ROE recovery, and require meaningful and sustained margin improvement to restore long-term financial health.
Limited Debt Coverage By OCFDespite FCF turning positive, operating cash flow covers only ~22% of total debt in 2025, indicating limited immediate debt-repayment capacity. That constraint reduces room for aggressive deleveraging, limits flexibility for large investments, and raises exposure to liquidity stress if cash generation weakens.