Severe Revenue DeclineAn ~-82% revenue drop is a structural red flag: it constrains fixed-cost coverage, erodes operating leverage, and threatens project pipelines. Sustained revenue weakness will impair margin recovery, cash generation and the firm's ability to fund development activity without new capital.
Negative Return On Equity And MarginsPersistent negative ROE and operating margins mean the business is destroying shareholder value and unable to earn its cost of capital. Over months this undermines balance sheet strength, limits reinvestment capacity, and makes external fundraising more dilutive or costly.
Weak Cash Conversion And Steep FCF DeclineAn ~87% fall in free cash flow and zero operating cash flow to net income indicate poor cash conversion and acute liquidity strain. This structural weakness increases dependence on external financing, risks project delays and raises solvency concerns until operating cash generation recovers.