Persistent UnprofitabilitySustained negative margins and loss-making operations indicate the business currently cannot convert revenue into profits. Without margin improvement, this structural weakness will limit retained earnings, constrain reinvestment, and raise the need for external funding or dilution within a 2-6 month horizon.
Declining Cash GenerationA 27.84% decline in free cash flow signals weakening ability to self-fund operations and development. Combined with negative operating cash flow to net income conversion, this trend increases dependency on financing and heightens project delivery risk over the coming months.
Negative Return On EquityNegative ROE shows the company is not generating returns on shareholder capital, reflecting inefficient capital deployment or start-up losses. Persisting negative ROE pressures management to improve project economics or seek additional capital, possibly diluting equity holders in the medium term.