Declining Revenue TrendMaterial year-over-year revenue contraction indicates reduced project volume or trophy sales. Persistent top-line declines impair scale economics in EPC and merchant power sales, pressuring long-term margin sustainability and limiting reinvestment capacity.
Operational And EBIT VolatilitySignificant EBIT swings point to project execution variability, pricing pressure, or uneven project mix. Such volatility undermines predictability of earnings and cash flows, complicating capacity planning and investor confidence in multi-quarter business performance.
Cash Flow Volatility And Funding DependenceWhile FCF has grown, its volatility and reliance on operating cash for financing can strain liquidity during low‑revenue periods. This raises execution risk for new projects and increases sensitivity to payment delays or lower generation, affecting medium‑term growth.