Negative Shareholders' EquityPersistently negative equity reflects accumulated losses and write-downs, limiting financial flexibility. This structural weakness undermines capital-raising, increases risk of covenant breaches, and materially raises solvency concerns that can persist absent sustained profitability and balance-sheet repair.
Very Large And Persistent Debt BurdenA high, stable debt load constrains cash available for development and amplifies refinancing risk. With limited equity cushion, debt servicing can crowd out reinvestment in projects, heightening default risk and limiting the company’s ability to scale or sustain a durable recovery.
Inconsistent And Often Negative Cash GenerationRepeated negative operating and free cash flow despite intermittent net income gains indicates weak cash conversion from projects. This undermines liquidity, forces reliance on external financing, and makes sustained project delivery and debt reduction challenging over the medium term.