Severe Revenue And Profit VolatilityRevenue and profitability swings have been large and recent: back-to-back declines and a very large 2025 loss weaken predictability for cash flow and planning. This volatility hampers long-term budgeting, supplier and partner confidence, and increases execution risk for product and IR investments.
Balance-sheet Deterioration In 2025The 2025 drop in equity combined with higher debt reduces financial flexibility and raises solvency risk. Weaker capitalization limits the company's ability to fund IR expansions or new machine development internally, likely increasing reliance on external financing or asset sales.
Inconsistent Cash Conversion And Funding UncertaintyAlternating periods of positive and meaningfully negative free cash flow create uncertainty around the company’s ability to sustain investment, service debt, or rebuild equity. This inconsistent conversion of earnings into cash is a structural risk for multi-quarter planning and capital allocation.