Negative Operating & Free Cash FlowTwo consecutive years of negative OCF and FCF show profits are not converting into cash, reflecting collection timing or high development spend. Persistently weak cash conversion raises refinancing and execution risk and limits ability to self-fund new projects over time.
Gross Margin DeteriorationA material fall in gross margin signals rising land, construction or project costs or weaker pricing power. Persistent margin erosion would undermine sustainable profitability, force price increases or cost cuts, and reduce the buffer to absorb cyclical downturns.
Revenue And Margin CyclicalityHistorical volatility and uneven revenue trends point to cyclical demand and execution/collection timing typical in development. Such cyclicality makes cashflow and earnings less predictable, complicates project planning and increases refinancing and inventory risk in weaker cycles.