Weak Cash GenerationConsistent negative operating and free cash flow—including a very large FY2026 outflow—indicates the company fails to convert accounting profits into cash. That structural cash shortfall forces dependence on debt or asset monetization, raising financing and execution risk.
Unprofitable Core OperationsFrequent negative operating results and even negative gross profit in FY2026 imply project economics are currently weak. Reliance on non-operating gains to produce net income undermines earnings quality and makes margins vulnerable when non-core items reverse.
Elevated LeverageA material jump in debt in FY2025, with leverage still sizable after a partial decline, reduces financial flexibility. Coupled with weak cash flows, this elevates refinancing and interest-cost risk, constraining capacity to invest or absorb project delays.