Sharp Revenue CollapseA near-total revenue collapse in 2025 destroys the operating base and limits the firm's ability to leverage fixed costs. Rebuilding sustainable top-line across cross-border channels will take multiple quarters and leaves profit recovery uncertain without durable new revenue streams.
Negative Cash GenerationMulti-year negative operating and free cash flows, capped by a large 2025 outflow, create persistent liquidity pressure. Reliance on external financings to cover working capital is structurally risky and could limit strategic choices if capital markets tighten.
Value Erosion Despite Lower LeverageAlthough net leverage has declined, sustained negative ROE indicates equity value erosion. Ongoing operating losses can dilute shareholder value via future capital raises and complicate long-term recovery, undermining the balance sheet’s ability to absorb further shocks.