Negative Free Cash FlowNegative free cash flow signals that project investment and working capital use outpace cash generation. Over months this can force external funding, delay project starts, or increase borrowing costs, undermining the capacity to sustain growth and pay down liabilities without dilutive financing.
Profitability VolatilityHistorical swings in profitability reflect project timing, recognition patterns, and margin variability. Such volatility makes cash flow forecasting and financing planning harder, elevating execution risk for lenders and partners and potentially raising the cost or availability of long-term project funding.
Revenue Concentration / No Recurring IncomeReliance on one-off development sales creates lumpy revenue and high sensitivity to residential/commercial cycle shifts. Absence of leasing or services income reduces recurring cash stability, increasing exposure to demand downturns and lengthening capital recovery horizons for ongoing operations.