Negative Operating And Free Cash FlowSustained negative OCF and FCF materially weaken internal funding for working capital, capex and dividends. Over months, this forces reliance on external financing or equity, constrains bid capacity for new projects, and raises financial fragility if project cash timing doesn't normalize.
Multi-year Revenue DeclineA persistent downtrend in revenue limits the company’s ability to scale fixed-cost absorption and reduce unit costs. If structural demand or market share weakness continues, future margin gains may be capped and growth-oriented investments will have lower returns.
Working-capital Driven Cash VolatilityHigh working-capital volatility increases execution risk on long projects: delayed collections or changing payment terms can abruptly strain liquidity, disrupt supplier relationships, and cause project delays or margin erosion unless contract and receivables management are tightened.