Earnings InconsistencyMulti-year swings between losses and profits indicate unstable margin economics and sensitivity to project pricing, costs or execution. That unpredictability makes forecasting tougher, raises required returns for investors, and can limit strategic planning over the medium term.
Historical Cash-Flow VolatilityRepeated negative cash-flow years show working-capital and project-timing risks that can force external financing or cutbacks. Such volatility constrains reinvestment, increases refinancing risk in stress periods, and can erode margins when management must prioritize liquidity over growth.
Improvement Concentrated; Main Risk Is InconsistencyThe recent 2025 rebound may reflect one-off timing or cyclical recovery rather than a durable structural shift. If core project economics or contract mix haven't changed, gains risk reversal; sustaining performance requires evidence of persistent operational improvements.