Negative Free Cash FlowPersistent negative free cash flow from heavy capex can erode liquidity and force external financing if sustained. Even with positive OCF, ongoing investment needs limit available cash for dividends, debt reduction, or opportunistic spending, raising funding risk over months ahead.
Low EBITDA MarginA sub-12% EBITDA margin suggests limited operating leverage and a thinner buffer to absorb input cost increases or excise tax pressure. Sustained low margins constrain free cash generation and make long-term margin improvement critical for durable profitability.
Rising Total LiabilitiesAn uptick in total liabilities, even with low debt ratios now, could signal growing short-term obligations or contingent exposure. If liabilities continue to rise, financial flexibility and interest cost exposure may worsen, tightening balance sheet resilience over the medium term.