Weak Cash GenerationNegative operating and free cash flows across 2024–2025 show earnings are not translating into cash, forcing reliance on external funding. Continued cash burn over months heightens refinancing and liquidity risk, constraining capital expenditure and project completion flexibility.
Elevated Leverage And Declining EquityDebt-to-equity rising markedly while equity shrinks materially weakens the balance sheet. High leverage amplifies interest and refinancing pressures, reduces financial flexibility to absorb shocks, and raises the risk of covenant strain or impaired funding access in adverse markets.
Thin, Volatile Margins And ToplineThin net margins and a volatile revenue profile leave earnings highly sensitive to cost or sales setbacks. Low margin buffer limits the company's ability to absorb rising costs or slower sales, undermining predictable capital accumulation and making profitability fragile absent margin improvement.