Sharp Revenue DeclineA multi-year, steep revenue contraction materially reduces scale economics and backlog replenishment. Lower sales volumes increase per-unit fixed costs, compress margins and extend the time needed to return to mid-cycle profitability, making recovery dependent on sustained demand improvement.
Sustained Unprofitable Project EconomicsNegative gross profit and across-the-board operating losses signal that current project pricing, costs or mix are not covering development expenses. Persistent unprofitable project economics will erode equity, limit reinvestment in new projects and force pricing or cost restructuring to regain viability.
Volatile Cash Flow And Recent Return To Cash BurnIntermittent cash generation and the 2025 return to negative OCF/FCF raise funding risk for ongoing projects. Timing mismatches on collections or construction outlays can require external financing or asset sales, increasing execution risk and limiting capacity to scale operations reliably.