Balance-sheet StrengthA high equity ratio and very low leverage provide a durable financial cushion against cyclical downturns and operating losses. This balance-sheet strength preserves strategic optionality for capex, R&D or restructuring without urgent external funding, supporting long-term resilience.
Improving Cash GenerationA return to positive free cash flow after multi-year deficits signals structurally improved cash generation. Strong operating cash relative to net income reduces reliance on financing, funds working capital and capex, and underpins sustainable operations and shareholder returns long term.
Gross Margin StabilityStable gross margins amid revenue pressure indicate effective cost controls or favourable product mix at the manufacturing level. This margin resilience helps protect profitability as volumes ebb and supports ability to reinvest in product development and maintain competitiveness.