Sharp Revenue Decline & Large LossA severe revenue contraction and resultant large net loss materially impair scale economics and contract profitability. Such a shock weakens competitive positioning, can erode backlogs, and makes margin recovery harder absent clear turnaround in sales, bidding discipline, or project mix.
Negative Equity And High LeverageNegative equity and historically high leverage materially reduce financial flexibility and increase refinancing and covenant risk. This structurally raises funding costs, limits strategic investment, and elevates the probability of distress if cash generation does not sustainably recover.
Inconsistent Cash GenerationVolatile and often inadequate cash generation undermines the company's ability to self-fund projects and absorb contract setbacks. Persistent inconsistency forces reliance on external financing or asset sales, constraining long-term operational planning and making performance more sensitive to market cycles.