Negative Operating And Free Cash FlowNegative operating and free cash flows despite reported profits highlight a cash conversion gap. Over the medium term this can constrain working capital for projects, force dependence on external funding, and increase execution risk on time-sensitive contracts.
Rising Reliance On DebtAn elevated and growing debt load raises interest and refinancing exposure. Coupled with weak cash conversion, higher leverage can compress financial flexibility, raise funding costs for new bids, and increase sensitivity to rate moves and covenant pressures over the coming quarters.
Limited External Disclosure / Earnings CallsThe absence of routine earnings calls or detailed investor events limits visibility into backlog, bidding pipeline and management's cash remediation plans. Reduced transparency hampers stakeholder assessment of strategic execution and makes monitoring recovery progress harder.