Persistent Net LossesOngoing negative net, EBIT and EBITDA margins signal the company remains unprofitable at operating and consolidated levels. Prolonged losses erode retained earnings, limit reinvestment capacity, and increase dependence on external capital, posing a multi-quarter risk until margins sustainably improve.
Negative And Volatile Cash FlowVolatile operating cash flow and recent negative free cash flow reduce internal funding for growth and debt service. Persistent negative FCF—driven by heavy capex—raises refinancing and liquidity risk and can force external or dilutive financing, constraining strategic flexibility over several quarters.
Rising Debt / Increasing LeverageIncreasing total debt and rising leverage are concerning given weak profitability and cash generation. Higher debt amplifies interest and refinancing pressure, reduces borrowing headroom, and elevates financial risk if EBITDA and cash flow do not improve within upcoming quarters.