Negative Net Margins And LossesPersistent negative net margins and EBIT erode retained earnings and limit the company’s ability to self-fund growth or absorb shocks. Continued operating losses increase reliance on external financing and raise the risk that strategic investments or fleet upgrades may be delayed or underfunded.
Negative Free Cash FlowStructural negative free cash flow driven by high capex obligations weakens liquidity and financial flexibility. For a fleet-dependent operator, ongoing capex to maintain or expand dredgers is essential, so persistent FCF deficits heighten refinancing and working-capital risk over the medium term.
Declining Equity And Negative ROEDeclining shareholder equity and negative ROE reflect capital erosion from losses and reduce the balance-sheet buffer against downturns. This structural weakness can increase leverage ratios, constrain access to low-cost capital, and make funding future fleet renewal or larger capital projects more costly.