Negative Shareholders' EquityPersistent negative equity is a material solvency and credit concern that constrains access to conventional financing and can trigger covenant or supplier reactions. Over time, it increases refinancing risk and limits the company's ability to absorb project overruns or bid for larger contracts.
Very High Absolute DebtLarge outstanding debt (c.36–38B) coupled with negative equity leaves limited balance-sheet flexibility. High leverage elevates interest and refinancing exposure, reducing headroom for working capital swings and making the company more vulnerable to slower collections or delayed project payments.
Revenue Decline & Project Margin PressureSustained revenue contraction and negative gross profit signal structural problems at project execution or pricing. Continued top-line shrinkage and project-level losses threaten long-term margin sustainability, reduce operating leverage, and could erode the recent cash-generation improvements if unresolved.