Negative Equity In Recent YearsNegative equity in 2024–2025 materially weakens financial resilience and heightens refinancing and covenant risk. It constrains capital raising, impairs creditor confidence, and limits the firm's ability to invest or absorb further losses, creating a persistent structural vulnerability.
Sustained Unprofitable Project EconomicsNegative gross profit and deep operating losses indicate core projects are losing money, reflecting structural pricing, margin or execution issues. Combined with a 26% revenue decline, this undermines scale economics and suggests persistent operational challenges to restore sustainable margins.
Volatile And Recently Negative Cash FlowThe reversal to negative operating and free cash flow in 2025 signals fragile cash conversion and working-capital stress. In combination with negative equity, inconsistent cash generation raises short- to medium-term liquidity and solvency risks and increases dependence on external financing.