Ongoing Net Losses And Shrinking EquityConsecutive net losses and falling equity (from 873,970,000 in 2022 to 316,099,000 in 2025) erode the balance-sheet cushion and shareholder capital. This persistent deficit undermines financial resilience, limits reinvestment capacity, and increases vulnerability to project setbacks over the medium term.
Volatile Free Cash FlowInconsistent free cash flow across recent years indicates weak cash conversion after investment needs. Such volatility makes it hard to plan capital expenditures or pay down liabilities reliably, increasing reliance on external funding and raising execution risk for development cycles over coming months.
Small, Limited Revenue BaseA relatively small and only modestly growing revenue base limits scale and the company’s ability to absorb cost shocks. Dependence on limited topline cash makes margins and profitability sensitive to project timing, slowing durable earnings improvement and competitive positioning over the medium term.