Negative Free Cash FlowPersistent negative free cash flow is a structural concern for a developer: it forces reliance on external financing, increases interest and refinancing risk, and limits the firm's ability to fund new projects or absorb delays. Without sustained FCF improvement, liquidity pressure can intensify over months.
Deteriorating Return On EquityDeclining ROE reflects weaker returns on shareholder capital and signals that earnings are not covering the cost of equity. Over a multi-month horizon this undermines reinvestment capacity, investor confidence and the company’s ability to attract capital for development projects.
Revenue Volatility And Recent DeclineMaterial revenue volatility and a recent significant decline reduce predictability of cash flows essential for multi-stage real estate projects. This elevates execution and funding risk, complicates planning and can necessitate higher working capital or external financing over the medium term.