Sustained Operating LossesThe company moved from operating profit to sustained losses through 2023–2025, culminating in a sizable 2025 net loss. Persistent unprofitability erodes retained earnings, reduces reinvestment capacity, and impairs the company’s ability to self-fund turnaround initiatives over the medium term.
Negative Cash Flow And Free Cash FlowRepeated negative operating and free cash flow means the business is not self-funding and must rely on external financing. This creates ongoing liquidity and refinancing risk, limits capital allocation flexibility, and constrains the company’s ability to invest in operations or weather project payment cycles over coming months.
High Leverage, Eroded EquityElevated leverage and collapsing equity leave the capital structure fragile. Heavy debt burdens restrict financial flexibility, increase interest and covenant risk, and reduce capacity to fund bids or absorb project delays. This structural balance-sheet weakness materially raises long-term execution and solvency risk.