Zero Revenue And Large Operating Loss In 2025Recording zero revenue and a sizeable operating loss in 2025 signals acute operational inactivity or failed project monetisation. Over the next several months this undermines ability to self-fund projects, weakens stakeholder confidence, and raises questions about the sustainability of core business operations.
Multi-year Negative Operating And Free Cash FlowConsistent negative operating and free cash flow for multiple years indicates ongoing cash burn, implying reliance on financing, asset disposals or capital injections. Structurally this increases refinancing, liquidity, and execution risks for development projects over the medium term without a clear path back to positive cash generation.
Historic Equity Impairment And Unstable Capital StructureA history of negative equity and swings in leverage reduces balance-sheet credibility with lenders and partners. This instability raises the chance of covenant stress or restricted access to cost-effective financing, limiting the group's ability to scale projects or respond to market opportunities reliably over the coming months.