Material Recent Revenue DeclineA steep year-over-year revenue drop of ~42.8% reflects timing gaps in project completions and deliveries. That magnitude reduces near-term cash flow and EBITDA contribution, increasing pressure on margins and the need for successful upcoming launches to restore normalized revenue levels.
Negative Free Cash Flow Growth / Cash Flow VariabilityDeclining free cash flow growth undermines the company’s capacity to self-fund development or absorb cost overruns. If this persists it could force higher external financing, slower project cadence, or temper dividends, making long-term project planning and investment riskier.
Lumpy Earnings And Project Concentration RiskDependence on discrete project launches creates volatile revenue and earnings timing, complicating forecasting and operational scaling. Structural concentration in a few developments increases exposure to execution delays, permitting risk to materially affect multi-month cash flows and returns.