Persistent Negative Operating And Free Cash FlowMulti-year negative OCF and FCF materially increase reliance on external financing to fund operations and investments. Over 2–6 months this raises execution and refinancing risk, constrains bolt-on investments, and makes returns sensitive to funding cost moves.
High Leverage And Rising Total DebtElevated leverage magnifies exposure to interest-rate and asset-value shocks, reducing strategic flexibility. High debt levels increase refinancing and liquidity risk and limit capacity to pursue growth or withstand downturns without deleveraging or asset disposals.
Margin Compression Despite Revenue GainsFalling margins while revenue rises suggest scaling is not translating into proportional profitability gains. This structural efficiency drag can reduce free cash generation and leave earnings vulnerable to cost inflation or higher financing costs over the medium term.