Deeply Negative Free Cash FlowPersistently large negative free cash flow reflects heavy capex during the build-out phase and creates an ongoing structural funding requirement. Reliance on external financing raises refinancing and liquidity risk, constraining financial flexibility and the company’s ability to self-fund future projects or buffer shocks.
Rising LeverageMaterial increase in debt amplifies fixed obligations and interest exposure, reducing financial flexibility. Elevated leverage makes the company more sensitive to interest-rate and credit-market shifts and increases the need for consistent cash generation to meet servicing requirements while pursuing growth.
Margin Sustainability UnclearReported high margins for FY2025 may include non-recurring items or classification effects, and absence of FY2026 margin data limits visibility on true operating profitability. Uncertainty about repeatable margins makes it harder to forecast durable returns on invested capital and long-term cash yields.