Declining Revenue And MarginsSustained top-line decline and margin compression from 2022–2025 point to structural demand or pricing pressure. Continued revenue shrinkage and lower gross/EBITDA margins reduce reinvestment capacity, hinder competitiveness, and make operational recovery and margin restoration more difficult over the medium term.
High LeverageElevated debt levels limit financial flexibility and raise refinancing and interest risks. High leverage magnifies the impact of weak operating cash flow, constrains capex and working capital investment, and increases the probability of distress or forced deleveraging if performance does not improve.
Negative Free Cash Flow / Cash BurnPersistent negative free cash flow and unstable cash conversion indicate the company is burning cash. Weak FCF undermines ability to service debt, fund maintenance or growth capex, and may require external financing or asset actions that impair long-term strategic flexibility.