Earnings VolatilityMaterial swings in net income point to project execution timing, margin variability, or non-recurring items. Persistent volatility complicates multi-quarter cash planning, makes forecasting harder for long-cycle projects, and can impair credit access or contract pricing consistency.
Legacy Capital Structure RiskAlthough prior negative equity was addressed, remnants of past balance-sheet stress mean capital buffers may be thin. This raises vulnerability to macro shocks or project overruns, potentially constraining growth and forcing dilutive financing if cash generation weakens.
Industry & Customer Financing DependenceRevenue and backlog are tied to macro deployment of wind capacity and availability of customer financing. Changes in policy, subsidy timing, or financing conditions can slow orders and lengthen execution, creating cyclicality and risk to medium-term revenue visibility.