Revenue Decline & Negative MarginsRevenue is declining (~6%) while margins remain negative, indicating shrinking scale and weak pricing or cost structure. Persistent top-line contraction and loss-making operations undermine long-term margin recovery and make profitable growth difficult without structural business changes.
High LeverageSignificant debt levels raise interest and refinancing risk and constrain strategic flexibility. In engineering and construction, elevated leverage limits bidding capacity, capital investment and ability to absorb project delays, increasing the likelihood of covenant stress or dilutive financing needs.
Negative Operating Cash FlowNegative operating and free cash flows show the business is burning cash, depleting liquidity and forcing reliance on external funding. Sustained cash outflows impair the company's ability to fund projects, meet creditors and invest in growth without material financing or restructuring.