Negative Cash GenerationPersistent negative operating and free cash flow is a durable structural weakness: the business is consuming cash rather than self-funding projects. Continued cash burn forces reliance on external financing, restricts ability to scale, and heightens solvency pressure if market conditions worsen.
Sustained UnprofitabilityDespite recent improvement, the company remains loss-making with negative margins historically. Ongoing unprofitability undermines return generation, limits reinvestment capacity, and means any recovery depends on continued execution rather than an already solid earnings base.
Eroding Equity / Capital BaseSteady decline in equity reflects cumulative losses and reduces the balance-sheet cushion. A smaller capital base limits risk-taking, weakens credit metrics over time, and raises the potential need for dilutive capital or costly financing to support project backlogs and working capital needs.