Sustained Revenue DeclineMaterial multi-year revenue declines reduce operating leverage and signal potential market-share loss or weakening demand. Persistent top-line contraction makes fixed-cost coverage harder, undermines scale economics, and raises the bar for any profitable recovery.
Persistent Negative Cash FlowOperating cash flow has been negative for most years, with OCF ≈ -482M and FCF ≈ -494M in 2025. Chronic cash burn pressures liquidity, forces reliance on external funding, increases refinancing risk, and limits ability to invest in recovery or repay creditors.
Sharply Higher LeverageTotal debt increased meaningfully, leaving debt-to-equity ~5.8x in 2025 (vs ~2.3x in 2024). This rapid leverage rise and equity erosion reduce financial flexibility, raise interest/service burdens, and magnify downside risk if operating performance does not improve.