Material Remaining DebtDespite improved leverage metrics, substantial outstanding debt increases interest and refinancing risk, potentially constraining strategic flexibility. In a higher-rate or weaker demand environment, debt servicing could pressure cash flow and divert funds from growth initiatives.
Ongoing Negative Investing Cash FlowSustained negative investing cash flow indicates heavy capex or expansion spending. If those investments take longer to monetize or face execution delays, they can strain liquidity and delay returns, making capital allocation and project execution critical for lasting benefit.
Prior Earnings VolatilityA prior period of losses shows execution and cyclicality risk in the business. The recent recovery requires sustained operational consistency; any setback in module pricing, input costs, or project demand could reintroduce volatility in profits and cash generation.