Inconsistent Revenue GrowthIrregular top-line performance undermines predictability of utilization and backlog conversion in engineering & construction. For a project-driven firm, uneven revenue complicates capacity planning, weakens forecasting for multi-quarter contracts, and can pressure margins and return on invested capital.
Volatile Free Cash FlowMaterial swings in free cash flow create funding risk for dividends, capex, and debt repayment. Even with improving operating cash, years of negative FCF necessitate external financing or reserve use, which can constrain strategic spending and increase vulnerability during industry downturns.
Limited Investor CommunicationsAbsence of regular earnings calls or detailed investor dialogue reduces transparency around backlog, contract margins, and guidance. For a cyclical construction company, limited disclosure can hinder investor confidence and access to capital, and make it harder to assess forward operational risks.