Elevated LeverageHigh and increasing leverage (1.69B debt; ~2.39x D/E) creates lasting refinancing and interest-rate sensitivity. A debt-heavy capital structure constrains strategic flexibility, increases default and covenants risk, and raises cost of capital for new project development over multiple quarters.
Persistent Negative Free Cash FlowConsistently negative free cash flow implies the business cannot fully fund capex from operations and relies on external financing. Over a 2–6 month horizon this structural cash need increases liquidity and refinancing risk and may lead to dilutive equity raises or higher leverage.
Recent Top-line WeaknessA ~21% revenue decline in 2025, following earlier weakness, signals potential issues with generation volumes, pricing or asset additions. If top-line contraction persists it undermines scalability of earnings and the company's ability to deleverage, making margins and cash flow less reliable.