Multi-year Revenue DeclineSustained revenue declines over multiple years suggest structural headwinds—lower volumes, weaker pricing, or lost market share. Reduced top-line scale erodes operating leverage, limits reinvestment capacity, and makes long-term margin recovery more challenging absent commodity tailwinds.
Recent Net LossesConsecutive annual net losses and a deeply negative net margin reflect material non-operating charges or impairments that undermine retained earnings. Persistent losses constrain internal funding for growth, heighten reliance on cash flow and raise risks to dividend and investment plans.
Rising LeverageDebt-to-equity nearly doubling reduces balance-sheet flexibility and increases interest and refinancing risk. With profitability pressured, higher leverage limits capital allocation choices, raises vulnerability to commodity downturns, and could tighten access to favorable financing.