Multi-year Revenue DeclineSustained top-line shrinkage weakens operating leverage and long-term growth prospects. For an ad-driven model, falling audience or engagement reduces pricing power and inventory value, forcing higher sales or product spend to stabilize revenue and pressuring margin recovery.
Weak Cash Generation / Negative Operating Cash FlowPersistent negative operating cash flow limits the company's ability to invest, sustain dividends, or absorb ad-market downturns without external funding. Even with low leverage, poor cash conversion raises execution risk and constrains strategic flexibility over the medium term.
Thin Profitability MarginsVery narrow margins leave little buffer versus revenue volatility or rising costs. Small adverse shifts in ad demand or content costs could quickly eliminate profits, slowing the path to sustained free cash flow expansion and limiting returns to shareholders over time.