Declining Revenue Trend (FY2023–FY2025)Top-line revenue declined across FY2023–FY2025, reducing scale and undermining operating leverage. Persistent revenue contraction limits the company's ability to spread fixed costs, constrains reinvestment in core infrastructure, and raises the risk that existing assets will generate lower long-term returns without a reversal in demand or new contracts.
Negative Operating Margins And Recent Negative EBITDAConsistently negative EBIT margins and negative EBITDA in recent years indicate the core operating business is not generating operating profits. That suggests reliance on non-operating items or accounting effects for net income and reflects structural issues in cost base, pricing, or utilization that threaten sustainable earnings generation.
Volatile And Recently Negative Operating/free Cash FlowOperating cash flow volatility and a recent turn to negative OCF and FCF weaken the company's ability to fund capex, service stakeholders, or return capital. Negative cash conversion despite positive net income raises concerns about earnings quality, working-capital management, and the sustainability of reported profits over time.