Profitability VolatilityRevenue and earnings have shown material swings, with 2025 revenues down and margins compressed to near zero. This inconsistent earnings power undermines sustained reinvestment capacity, makes forecasting and planning harder, and limits the firm's ability to produce reliable returns for shareholders over the medium term.
Margin SensitivityMargins are thin and sensitive to inventory actions, product mix and FX. Clearing stock at lower prices materially reduced gross margin, demonstrating limited pricing power and a small margin buffer. This leaves operating profitability exposed to cyclical and one-off shocks in coming quarters.
Lumpy Revenue ConversionRevenue depends on large procurements and phased rollouts; several new U.S. deals were not yet material. That procurement-driven lumpiness can delay revenue recognition and prolong payback on deployment investments, making multi-quarter growth visibility weak and scaling of higher-margin services slower.