Persistently Negative Equity And Higher 2025 DebtNegative equity combined with a material debt increase in 2025 materially weakens financial flexibility. This raises refinancing and dilution risk, limits capacity for capital investment, and heightens vulnerability to funding stress over the medium term.
Sustained Operating Cash BurnConsistent negative operating and free cash flow means the business cannot self-fund growth or R&D without external financing. Ongoing cash burn pressures liquidity, increases dependency on dilutive or covenant-bearing funding, and constrains strategic optionality.
Volatile Revenue And Large 2025 Net LossThe sharp swing to a large 2025 loss and compressed gross profit reflect structural pressure on pricing, mix or costs and indicate earnings are unpredictable. This volatility reduces visibility for planning, weakens margin sustainability and complicates long-term forecasting.