Persistent Negative Cash FlowChronic operating and free cash flow deficits mean reported earnings are not converting into cash. This creates sustained reliance on external financing, increases refinancing and liquidity risk, and constrains self-funded growth or buffer capacity during project or market setbacks.
Elevated LeverageMaterial debt accumulation and high leverage raise financial fragility in a capital-intensive development business. Elevated leverage increases interest and refinancing exposure, reduces covenant and strategic flexibility, and heightens sensitivity to rate rises or project delays over the medium term.
Margin Softening & Project Mix RiskSequential margin deterioration suggests rising input costs or lower-margin projects, which erodes the cash generation profile per unit of revenue. In combination with recurring cash burn and leverage, weaker margins reduce resilience to shocks and limit the payoff from recent revenue growth.