Persistent UnprofitabilitySustained negative operating and profitability metrics show the business is not yet economically viable at current scale. Persistent margin losses undermine internal funding, raise need for structural cost reductions or higher pricing, and challenge long-term shareholder value creation.
Negative Operating And Free Cash FlowOngoing negative operating and free cash flows create liquidity risk and increase reliance on external financing. For a project-heavy energy business, weak cash generation limits reinvestment in infrastructure and can force dilutive financing or delayed projects, affecting sustained growth plans.
Difficulty Converting Revenue Into Shareholder ReturnsA negative ROE despite low leverage signals that incremental revenue is not translating to profitable use of equity capital. This conversion inefficiency suggests structural cost, pricing, or asset-utilization issues that must be addressed to deliver durable investor returns.