Here is a company report from Thomas following Tulikivi’s Q1 report 
Tulikivi’s revenue exceeded our expectations, driven by export revenue turning back to growth. Despite the recovery in exports, the order intake contracted from the previous year, leaving work to be done to reach guidance. In our view, the valuation of the share appears challenging due to the pressurized earnings performance, leaving significant expectations reliant on the speculative realization of the talc project’s value. We reiterate our sell recommendation, but raise our target price to EUR 0.40 (prev. EUR 0.38) driven by forecast changes.
Quote from the report:
Balance sheet position has become tight due to weakened earnings performance
At the end of Q1’26, Tulikivi’s net debt stood at EUR 12.3 million, and the gearing ratio was 77%. Relative to the last 12 months’ EBITDA, net debt was at a very high level of 6.7x, which limits the company’s investment capacity and underscores the pressure to strengthen earnings performance and the balance sheet position. Despite the weak result at the beginning of the year, net cash flow from operating activities settled at a slightly better level than the comparison period at EUR -0.6 million (Q1’25: EUR -0.8 million), supported by released working capital.