Negative Gross Profit And Widening Operating LossesNegative gross profit and expanding operating losses indicate the core projects or services are currently unprofitable on a unit basis. Unless structural cost reductions or pricing improvements occur, this undermines sustainable margins, erodes reinvestment capacity, and threatens long‑term viability.
Weak Cash Generation And Deteriorating FCFPersistent negative operating cash flow and collapsing free cash flow create funding pressure for capital projects and working capital. Over several months this raises refinancing and dilution risk, constrains growth investment, and limits the company’s ability to self‑fund new renewable assets.
Volatile Profitability And Historical Balance-sheet StressRepeated swings from prior profits to multi‑year losses and past negative equity reflect structural execution or capital allocation weaknesses. Such historical instability increases long‑term operational and funding risk, making consistent recovery and external financing more difficult.