Persistent Multi-year LossesSustained operating and net losses over multiple years indicate underlying profitability challenges that are not yet solved by revenue recovery. Continued losses erode reserves and limit reinvestment capacity, threatening long-term sustainability unless structural cost or mix changes are implemented.
Chronic Negative Cash FlowPersistent negative operating and free cash flow creates ongoing financing needs and raises liquidity risk. Worsening cash burn in 2026 implies the recovery has not yet converted to self-funded operations, increasing the probability of external funding, asset sales, or dilution over the coming months.
Historical Balance-sheet VolatilityPrior periods of very low equity and elevated leverage highlight sensitivity to shocks and cyclical earnings. Even with recent improvement, past volatility suggests the company can quickly return to stressed funding conditions if revenues or margins slip again.