Negative Shareholders' EquityPersistent negative shareholders’ equity (FY2026: -1.53B) reflects accumulated losses and materially weakens the capital base. This structural deficit reduces financial flexibility, limits ability to absorb shocks, and increases the probability of distress without sustained profitability.
High LeverageTotal debt (2.96B) exceeds reported total assets (2.78B), indicating an over-levered balance sheet. High leverage increases refinancing and covenant risk, elevates interest costs and constrains investment capacity, making the company vulnerable to funding stress or downgrades.
Recent Cash Burn & Widening LossesRecent results show material cash burn: FY2026 net loss -961.7M with operating cash flow -105.5M and free cash flow -511.9M. Continued negative cash generation forces reliance on external financing, raising dilution and survival risk unless margins and cash conversion materially reverse.