Persistent Negative Free Cash FlowContinued negative free cash flow (¥-4,027M in 2025) is a durable structural concern: it limits the company's ability to self-fund capex or working capital, increases reliance on external financing, and raises long-term liquidity and refinancing risk if cash generation does not reverse.
Poor Cash ConversionA negative operating-cash-flow-to-net-income ratio signals earnings are not translating into cash. This points to working-capital issues or non-cash earnings drivers, undermining earnings quality and making sustainable free-cash-flow generation and dividend or debt repayment plans more uncertain long term.
Rising Liabilities & Profit VolatilityGrowing total liabilities combined with volatile net income indicate uneven profitability and potential balance-sheet strain. Structurally, this raises the chance of cash-flow mismatches, higher financing costs, and constrained strategic flexibility if liabilities rise faster than earnings or equity cushions.