Persistent LossesLarge operating losses and deeply negative net margins through 2023–2025 indicate the asset base is not yet profit-generating. Continued losses erode equity, limit reinvestment capacity, and mean any cash improvements must translate into lasting margin recovery to restore long-term financial health.
Rising LeverageRapid increase in debt from near-zero to above equity heightens refinancing and interest-rate risk for a cyclically exposed developer. Higher leverage reduces financial flexibility, raises borrowing costs, and increases the probability of covenant stress if project cash‑flows or asset values weaken.
Volatile Results And Cash FlowHighly volatile earnings and episodic cash flows reflect reliance on disposal-driven revenues and uneven project timing. This unpredictability complicates capital planning, makes long-term financing more expensive, and weakens the reliability of recurring income to cover debt and operating needs.