Manufacturing of pharmaceuticals & cosmetics.
Rekah still has a real pharmaceutical platform, but 2025 exposed a tougher mix of weak exit-rate profitability, tighter cash flexibility, and rising customer concentration.
Rising customer concentration at Rekah exposes a model in which private label and the institutional channel support sales volume, but shift more bargaining power to customers and leave liquidity more dependent on collection.
Rekah ends 2025 in compliance with every bank covenant, but its financing room rests more on balance-sheet support, inventory, and debt rollover than on a real cash buffer. There is still room, but it is much tighter than the current ratio alone suggests.
