Significant Outstanding DebtMeaningful total debt, despite improved leverage ratios, creates ongoing interest expense and refinancing obligations. In a capital‑intensive solar manufacturing and EPC business, this debt can constrain strategic choices, raise breakeven requirements, and amplify downside in revenue shocks.
Persistent Negative Investing Cash FlowSustained outflows for capex and investments are necessary for capacity and technology but increase near‑term funding needs. If investment returns lag, negative investing cash flow can pressure liquidity, require external financing, and lengthen payback periods for deployed capital.
Prior Period Net LossesA historical episode of losses signals execution and margin risk in cyclical solar markets. Recovery is encouraging, but past losses show profitability can reverse if module prices, input costs, or tender demand weaken, making sustained operational resilience a continuing requirement.