Negative Free Cash FlowPersistent negative free cash flow limits the company's ability to self‑fund capital expenditures and new projects, increasing dependence on external financing. Over months this can pressure liquidity, raise funding costs, and constrain growth despite accounting profitability.
Revenue Volatility And Historical LossesHigh historical revenue volatility and prior negative margins suggest operating and execution risks in project delivery or demand. Such variability undermines predictability of profits and cash flows, raising the risk that recent improvements may not be sustained long term.
Dependence On Government Incentives And PolicySignificant reliance on subsidies, incentives and regulated PPAs exposes the business to policy and tariff changes. Any reduction or timing shifts in government support can materially affect project economics and returns, posing a structural regulatory risk over the medium term.