Weak ProfitabilityNegative net margin and near-breakeven EBIT show revenue growth has not translated into durable profits. Persistent weak profitability limits internal funding for development, increases reliance on external capital, and may compress returns even if revenues stay elevated.
Deteriorating Free Cash FlowA large drop in free cash flow and negative FCF relative to earnings signals poor cash conversion from operations. This undermines the company’s ability to self-fund project capex, raises refinancing or dilution risk, and constrains durable investment capacity.
Low/Negative ROEDespite a strong equity base, failure to produce positive returns on equity suggests inefficient capital allocation or early-stage development costs. Over the medium term, persistently low ROE can deter investors and limit access to cost-effective equity financing.