Consistent Negative Operating Cash FlowPersistent negative operating and free cash flow, including a -127.6M cash burn in 2025, means growth is not self-funded. This structurally increases reliance on external financing, elevating refinancing and liquidity risk and constraining reinvestment capacity long-term.
High LeverageDebt materially exceeding equity increases interest burden and reduces financial flexibility. With cyclical input costs in aquaculture, elevated leverage magnifies downside risk from margin shocks and limits capacity to fund capex or weather prolonged earnings weakness.
Profitability DeteriorationA swing to a sizable net loss and negative EBIT in 2025 despite revenue growth signals margin compression or cost misalignment. Structural profitability weakness undermines ability to service debt, generate returns, and fund growth without dilution or further leverage.