Sharp Revenue ContractionA ~44% year-over-year revenue decline reflects significant demand or execution weakness and reduces scale benefits. Sustained top-line contraction pressures margins and cash conversion, making recovery dependent on new project sales or leasing momentum that can take multiple quarters in real estate markets.
Persistent Net LossesA deeply negative net margin indicates that operating results plus financing costs materially exceed revenue. Persistent losses erode equity, limit reinvestment capacity, and impair the firm's ability to maintain dividends or access favorable financing, raising solvency and long-term viability concerns.
High Leverage And Low Equity RatioElevated leverage and a sub-20% equity ratio increase refinancing and interest-rate risk, limiting strategic flexibility. In a rising-rate or weaker-sales environment, heavy debt burdens can force asset disposals, higher borrowing costs, or dilutive capital raises, constraining long-term recovery options.