Declining Revenue TrendSustained top‑line decline erodes scale benefits and bargaining power on project bids, reducing long‑run competitive positioning. Lower revenue constrains reinvestment in capabilities and can make it harder to stabilize margins and finance working capital for large infrastructure projects.
Persistent Negative ProfitabilityOngoing negative margins limit internal capital generation and damage returns to shareholders. Persistent losses undermine the firm’s ability to self‑fund growth, weaken ROE, and increase dependence on external funding, raising long‑term sustainability risks for project execution.
Weak And Inconsistent Cash FlowInconsistent OCF and negative free cash flow constrain the company’s ability to fund capex, bid bonds, and fund working capital internally. This raises reliance on external financing or equity issuance, increasing execution and refinancing risk for multi‑year infrastructure contracts.