Negative ProfitabilityPersistent negative net profit and EBIT margins mean the company is not converting sales into earnings, limiting retained earnings and reinvestment capacity. Without structural cost control or pricing power, revenue growth may fail to translate into sustainable profitability.
Historical LeveragePast high leverage and episodes of negative equity indicate solvency strain that can restrict strategic flexibility. Even with recent improvement, lingering debt levels raise refinancing risk and could force slower growth, higher financing costs, or asset disposals under stress.
Cash Flow VolatilityVolatile operating cash undermines predictability of funding for marketing, tech and seasonally-driven operations. For a travel business exposed to demand cycles, inconsistent cash generation can necessitate costly external financing and hinder steady investment in product and distribution.