Negative Shareholders' EquityPersistently negative equity is a structural solvency concern that constrains access to debt and equity markets, raises covenant/default risk, and can force asset sales or restructuring. It reduces strategic flexibility and increases refinancing and counterparty risks over the medium term.
Very High LeverageDebt levels in the tens of billions combined with negative equity leave limited headroom for working-capital swings or delayed collections. High leverage raises interest and rollover risk and makes the company vulnerable to project delays or cost overruns that can quickly pressure liquidity and credit standing.
Shrinking Revenue & Project-level LossesMulti-year top-line decline and negative gross profit indicate persistent project-level margin pressures or adverse contract mix. Without stable revenue growth and consistent project profitability, earnings improvements may be fragile and cash generation can revert, raising medium-term execution risk.