Persistent Negative Cash FlowOperating cash flow and free cash flow remain consistently negative with FCF weakening in 2025. Persistent cash burn increases dependence on external financing, elevates dilution and refinancing risk, and constrains the firm's ability to scale production or fund projects from internal cash.
Sustained Losses / Weak ProfitabilityThe company continues to report large net losses and negative EBIT/EBITDA, indicating the cost base is not yet absorbed by scale. Prolonged unprofitability erodes retained capital, undermines return metrics, and forces reliance on external capital to pursue growth and margin improvement initiatives.
Capital Erosion / Declining EquityA decline in equity and total assets from 2024 to 2025 signals capital erosion. A shrinking equity base reduces the financial buffer against operational shocks, heightens leverage sensitivity if losses continue, and constrains the company's ability to self-fund expansion without dilutive recapitalization.