Negative Free Cash FlowPersistent negative free cash flow undermines the company's ability to internally fund capex, service debt or pay down liabilities. Even with improving accounting profits, weak cash conversion may force reliance on external financing, increasing cost and execution risk over months to years.
Revenue And Margin VolatilityHistorical swings in revenue and prior negative margins signal inconsistent project throughput or pricing pressures. Structural volatility complicates long‑term planning, capital allocation and lender confidence, making sustained margin improvement harder to rely upon absent repeatable operational performance.
Policy And Subsidy ExposureMaterial reliance on incentives, subsidies and REC frameworks creates exposure to regulatory shifts. Policy reversals or subsidy reductions would structurally compress project economics and cash flows, raising execution and refinancing risk for projects whose viability depends on such support.