Negative Cash GenerationPersistent negative operating and free cash flow (-88m OCF, -107m FCF in 2025) shows earnings are not converting to cash. This structural cash shortfall reduces internal funding for growth, raises reliance on external financing, and constrains strategic flexibility over the medium term.
Thin MarginsLow gross (~10%) and net (~1.4%) margins leave limited buffers against cost increases and competitive pressure. Structurally thin profitability impairs the company's ability to generate durable cash, fund reinvestment internally, and build resilient returns as scale grows.
Low Return On EquityROE around 4% in 2025 (near-zero in 2024, negative in 2022) indicates the company has struggled to monetize its capital base. Persistently low returns can hinder ability to attract capital, limit reinvestment capacity, and signal structural inefficiencies in the business model.