Potentially Unsustainable TTM Revenue SurgeAn atypically large TTM revenue increase risks mean reversion; if growth drivers are one-off or timing-related, future top-line and operating leverage could soften. That would pressure margins, ROE, and cash generation relative to the current improved metrics over the coming 2–6 months.
Weaker Recent Free Cash Flow MomentumDeclining TTM FCF and inconsistent cash conversion reduce the firm's ability to self-fund investments, pay steady dividends, or build reserves. Persistent volatility in cash generation can constrain strategic flexibility and increase sensitivity to demand swings or delayed client payments.
Project-driven Revenue LumpinessA large component of revenue comes from discrete project work, which is inherently lumpy and timing-sensitive. This structural mix can amplify quarter-to-quarter volatility in revenue and margins, complicating planning and making recent growth harder to sustain predictably over multiple reporting periods.