Negative Shareholders' EquityNegative equity and elevated leverage signal solvency risk and constrain financial flexibility. This structural weakness raises refinancing and counterparty risk, limits ability to bid or expand on capital-intensive concessions, and increases borrowing costs over a multi-month horizon.
Persistent Negative Free Cash FlowNegative free cash flow and poor operating cash conversion create ongoing liquidity pressure, forcing reliance on external funding. That undermines capacity for maintenance capex or new facility investments, threatening sustained operations and contract performance over the medium term.
Declining Profitability And Weak MarginsDeclining revenue and persistent losses reflect weak margin economics and limited operational efficiency. Low EBIT/EBITDA margins reduce retained earnings for reinvestment and heighten sensitivity to contract price pressure, making competitive win-rates and long-term margin recovery more challenging.