Multi-year Losses And Revenue DeclineA sustained swing from prior profits to multi-year losses and a sharp FY2025 revenue drop materially weakens earnings power and limits reinvestment capacity. Persisting top-line weakness undermines long-term project funding, partner confidence and the company’s ability to rebuild margins without structural change.
Negative Operating And Free Cash FlowRepeated negative operating and free cash flow reduces internal funding for developments, forcing reliance on external capital or asset sales. Over 2–6 months this constrains pipeline execution, increases financing costs risk, and makes the business more sensitive to capital market conditions.
Rising Leverage And Reduced Balance-sheet FlexibilityThe increase in leverage and contraction of total assets signal declining balance-sheet flexibility. Higher debt ratios raise interest and refinancing risk, limit capacity to take on new projects or weather downturns, and can amplify losses if market conditions remain weak.