Persistent Negative Cash FlowOperating and free cash flows have been negative in recent years, including large outflows in 2024 and continued negative cash conversion in 2025. This persistent cash deficit constrains reinvestment, increases dependency on external funding or working-capital swings, and raises financial risk.
Thin And Declining MarginsMargins have compressed materially versus prior years, leaving earnings highly sensitive to cost inflation or demand weakness. Thin gross margins limit the company's ability to absorb shocks, reducing cash available for growth and making long-term margin recovery a critical challenge.
Revenue And Profit VolatilitySignificant year-to-year swings in revenue and profit undermine predictability and planning. Volatility limits economies of scale, complicates capacity and working-capital management, and increases the chance that favorable 2025 results may reverse without durable demand improvement.