Negative EquityNegative shareholders' equity is a structural weakness that reflects accumulated losses or write-downs and constrains capital flexibility. It heightens refinancing and solvency risk, limits ability to raise equity on favorable terms, and undermines the balance sheet buffer needed to absorb project delays or cost overruns over the coming months.
Inconsistent Cash GenerationRepeated negative operating and free cash flow signals poor cash conversion and liquidity weakness. Even with episodic profitable years, insufficient consistent cash generation impairs debt servicing, supplier payments and new project funding, increasing execution risk and reliance on external financing or asset sales to sustain operations.
Multi-year Losses & Weak Operating ProfitabilityA history of multi-year net losses and volatile operating performance undermines earnings quality. The FY2025 rebound may reflect timing of project completions rather than durable improvement; persistent low EBITDA and operating margins raise questions about sustainable profitability and the firm's ability to fund growth without continued balance sheet support.