Broken Unit EconomicsNegative gross and operating profit in 2025 indicate current unit economics are unsustainable: revenue doesn't cover direct costs and overhead. Without structural fixes to pricing, mix, or cost base, these losses will persist and damage long-term margin recovery and competitiveness.
Deteriorating Cash FlowOperating and free cash flow turning negative or near-zero materially reduces liquidity and operational resilience. Sustained negative cash generation limits reinvestment, raises the likelihood of external financing, and constrains the company's ability to execute strategic initiatives over months.
Capital Erosion RiskNegative returns on equity signal capital destruction and, if losses continue, will erode the equity cushion that underpins financial flexibility. This raises long-term risks around solvency, constrains growth investments, and increases sensitivity to economic or industry downturns.