Historic Earnings VolatilityPrior multi-year losses and episodic negative free cash flow indicate the company's profitability is not yet proven cyclical resilience. If 2025 proves temporary, investment plans and margin targets could be reversed, raising execution risk over the next 2–6 months and beyond.
Fluctuating LeverageWhile 2025 shows an equity cushion, historic swings in debt levels mean leverage and refinancing needs can change quickly. Variable leverage raises funding and interest-rate risk if cash generation weakens, potentially pressuring capital structure and investment plans.
Concentration On Contract AwardsHeavy reliance on contract wins and renewals, particularly in public-sector procurement, creates cyclicality and award risk. Long procurement cycles and competitive tendering can produce lumpy revenue and margin pressure, challenging consistent multi-quarter growth.