High LeverageThe company's capital structure remains debt-heavy with leverage rising materially versus earlier years. Elevated debt increases interest expense sensitivity, reduces financial flexibility for capex or shocks, and heightens refinancing risk if rates or funding costs rise.
Persistently Negative Free Cash FlowDespite positive operating cash flow, free cash flow remains negative consistently, meaning investment and maintenance needs exceed cash from operations. This structural FCF gap forces reliance on external financing, constraining self-funded growth and raising solvency risk if conditions worsen.
Declining Revenue And Thin MarginsTop-line decline paired with very thin utility margins leaves limited buffer against fuel, procurement, or tariff shocks. Low profitability margins increase earnings volatility and reduce the company's ability to absorb cost shocks or invest without further external support.