High Leverage And Negative Shareholders' EquityNegative equity combined with ~9.2B debt materially raises solvency and refinancing risk. Structurally, this limits financial flexibility, heightens covenant/default concerns and reduces capacity to fund new projects or absorb shocks, making medium-term capital strategy and access to credit more constrained.
Negative Operating And Free Cash FlowSustained negative OCF and FCF show the business is burning cash rather than self-funding operations and investment. Over months this forces reliance on external financing or asset disposals, increases refinancing sensitivity, and weakens the company's ability to sustain capex or cushion market downturns.
Net Losses And Earnings VolatilityDespite operational gains, persistent net losses and lumpy revenue recognition from project cycles mean profitability is not yet dependable. Structural earnings volatility limits retained capital buildup, impedes deleveraging and makes long-term planning and consistent dividend or reinvestment policies difficult.