Very High And Rising LeverageLeverage at roughly 6x debt-to-equity materially constrains financial flexibility and heightens refinancing and covenant risk. Elevated indebtedness increases interest servicing requirements and reduces the company's ability to absorb project delays or price corrections, making capital structure repair a multi-quarter to multi-year task.
Ongoing Net LossesContinued net losses over multiple years have eroded equity and produced deeply negative returns on equity. Persistent unprofitability limits reinvestment capacity, prolongs dependence on creditor support, and means the company must convert margin and cash-flow gains into consistent net profits to rebuild balance-sheet resilience.
Modest Cash Coverage; Working-capital RiskWhile cash flow has turned positive, coverage of obligations remains modest and appears partly driven by working-capital timing. This makes cash generation less predictable through sales slowdowns or receivable changes, leaving the company vulnerable to cash squeezes and making reliance on internal cash for long-term deleveraging uncertain.