Persistently Negative Free Cash FlowConsistently negative FCF indicates capex and working capital are outpacing operating cash generation, forcing reliance on external funding. Over the medium term this can limit strategic flexibility, increase financing costs and pressure returns if capex does not convert into steady free cash flow.
Rising Leverage And Debt RelianceA materially higher leverage profile makes the company more exposed to interest rate moves and utilization shortfalls. Elevated debt amplifies refinancing and covenant risk, raises finance costs recorded to P&L, and reduces buffer for operational or project delays over the next several quarters.
Material Near‑term CapEx Funding NeedsLarge scheduled installments create near‑term cash demands despite recent equity raising. If utilization or contract receipts slip, the company may need additional debt or equity, increasing dilution or leverage risk and making execution of the growth plan more funding‑sensitive.