Negative Shareholders' EquityNegative equity and high leverage represent a structural solvency concern, materially reducing financial flexibility. This constrains the company's ability to absorb project setbacks, increases lender scrutiny and limits capacity for new land acquisition or investment without external recapitalization.
Broken Cash GenerationOperating cash flow falling to zero and negative free cash flow indicate the business cannot self-fund development or working capital. Reliance on external financing or asset disposals elevates refinancing and execution risk, threatening timely completions and stable revenue realization over the medium term.
Persistent Operational LossesShrinking margins, deep net losses and falling revenue signal structural profitability deterioration. Sustained negative EBIT/EBITDA erodes capital, limits reinvestment, and implies the company must materially improve pricing, cost control or project mix to restore sustainable margins and rebuild equity.