Negative Operating And Free Cash FlowPersistent negative operating and free cash flow undermines the company's ability to self-fund projects and meet obligations, forcing reliance on debt, equity raises, or asset monetization. This structurally impairs growth execution and increases refinancing and liquidity risk over months.
Volatile Revenue And Negative EBIT/EBITDA MarginsInconsistent top-line performance and sustained negative operating margins point to structural issues like cost overruns, pricing pressure, or execution delays. Such profitability volatility limits cash conversion and heightens earnings risk, challenging durable margin recovery without operational fixes.
Significant Recent Revenue DeclineA >20% revenue decline year-on-year indicates weakening demand or project phasing mismatch, directly reducing near-term cash inflows from customer collections. Lower revenue compresses cash available for new projects and elevates dependence on external capital over the medium term.