Negative Operating And Free Cash FlowPersistent negative operating and free cash flow undermines financial resilience: it constrains working-capital funding for projects, limits reinvestment and raises reliance on external financing or equity to fund growth, creating a durable headwind to scaling operations.
Low Operating MarginsThin EBIT/EBITDA margins leave little buffer against cost overruns, price competition, or input inflation common in construction. Over the medium term this compresses retained earnings, limits ability to accumulate cash reserves, and constrains strategic maneuvering.
Earnings–cash Generation DisconnectA negative OCF-to-net-income ratio suggests accrual accounting gains aren't converting to cash, possibly from receivables, retainage, or timing on contract billing. This structural gap risks liquidity under stress and questions the sustainability of reported profit levels.