Steep Revenue Decline 2020–2025Revenue collapsed from 10.37bn to 823.1m between 2020 and 2025, eroding scale and pricing power. This structural top-line deterioration impairs fixed-cost absorption, weakens margins and makes funding and completing projects materially harder without sustained revenue recovery.
Negative Equity And High LeverageNegative shareholder equity indicates liabilities exceed assets, a structural solvency concern. High leverage constrains financing options, raises refinancing and covenant risk, and limits ability to invest or absorb project setbacks without external recapitalization.
Persistent Negative Operating And Free Cash FlowsOngoing negative operating and free cash flows show the company cannot internally fund operations or project capex. This structural cash shortfall increases dependence on external financing, raising dilution and refinancing risk and threatening continuity of development activity.