Recurring Net LossesPersistent annual net losses across 2020–2025 steadily erode shareholder equity and constrain internal capital formation. Over a multi‑month horizon continued unprofitability raises refinancing and solvency risk, limits ability to self‑fund projects, and weakens long‑term return prospects.
Weak Cash GenerationNegative operating and free cash flow in recent years indicates unreliable cash conversion from operations. This persistent cash burn reduces strategic flexibility, increases dependence on external financing, and raises the probability of project delays or distressed asset sales if conditions persist.
Undermined Project EconomicsSlightly negative gross profit and negative operating margins in 2025 point to pressured project economics and poor cost coverage. Structurally weak margins undermine scalability of revenue growth and require material pricing, cost or project mix changes to restore sustainable profitability over the medium term.