Sharp Profitability DeteriorationA ~50% revenue collapse and deeply negative gross and net margins in 2025 signal material issues with pricing, cost control or write-downs. Sustained losses impair the firm's ability to reinvest, complete projects and generate returns, weakening earnings stability over the next several quarters.
High And Rising LeverageLeverage rose materially to ~2.94x, limiting financial flexibility and amplifying earnings volatility. With declining equity, the firm faces higher refinancing and covenant risk; in a capital-intensive sector this can force asset sales or dilutive funding choices that impair long-term strategic options.
Collapse In Operating And Free Cash FlowOperating cash flow and free cash flow plunged (~98% YoY), severely reducing internal funding for construction, payments and working capital. Very low cash generation relative to debt raises near- to medium-term liquidity and refinancing risks, threatening project delivery and supplier relationships.