Persistent Net LossesMulti-year net losses have eroded equity and signal that core project economics are weak. Continued unprofitability undermines ability to reinvest, bid competitively on low-margin tenders, and achieve sustainable returns, posing a material structural risk over months ahead.
Volatile And Negative Cash FlowIrregular operating cash generation and a negative free cash flow in 2025 reduce liquidity and raise working-capital pressure. For a contract-driven builder, this impairs the ability to fund upfront costs, meet milestone cash needs, and sustain operations without external support.
Declining Revenue BaseA sharp, multi-year revenue contraction shrinks scale and weakens negotiating leverage with subcontractors and suppliers. Reduced top-line makes fixed costs and overhead more burdensome, amplifying margin pressure and making recovery more difficult unless market share stabilizes.