Revenue Below Prior PeaksTop-line has recovered but remains under pre-downturn peaks, indicating incomplete market share or demand recovery. Limited scale versus prior levels constrains margin expansion, investment capacity, and pricing leverage, leaving medium-term growth dependent on continued demand restoration.
Volatile Cash GenerationIntermittent negative operating cash flow and a sharp FCF drop in 2025 highlight execution and timing risk. Cash volatility undermines reliable reinvestment in platforms and network projects, can force external financing in tougher periods, and weakens ability to fund multi-year contracts.
Balance Sheet Still Relatively TightDespite improvement, residual tightness and a history of negative equity limit strategic optionality. Elevated debt-to-equity metrics versus peers can raise financing costs, constrain large bid capacity and M&A, and leave the company more exposed to sector shocks over the medium term.