Deep Negative MarginsSubstantially negative gross, EBIT and net margins are structural concerns: they imply the core projects or services fail to cover direct costs and overhead. Persistent negative margins erode equity, prevent retained-earnings recovery, and make sustained profitability unlikely without material cost or revenue improvements.
Rising LeverageA sharp rise in total debt to 7.17B and a near 2.0x debt/equity ratio reduces financial flexibility. Higher leverage increases interest and covenant risk, constrains investment options, and heightens refinancing pressure if cash flows remain negative or capital markets tighten over the medium term.
Negative Cash GenerationPersistent negative operating and free cash flows indicate the business consumes cash rather than funds itself. This structural cash burn forces reliance on external financing, limits capacity to invest in growth or capex, and heightens solvency risk if losses continue.