Negative Operating Cash FlowNegative operating cash flow weakens liquidity and restricts the company's ability to fund progress payments, mobilize resources on new contracts, or invest in equipment without external financing. Persistent cash deficits raise long-term funding and execution risks for projects.
Declining Revenue And EPSConsecutive declines in revenue and EPS point to waning contract wins, pricing pressure, or lower project volumes. Unless bidding success or backlog recovery improves, these trends can compress margins, reduce reinvestment capacity, and undermine sustainable earnings growth over the medium term.
Tender-Dependent Model & Input Cost RiskA bid-driven business exposes results to tender competitiveness, backlog timing, and volatile material/labor costs. Margin and cash outcomes hinge on contract execution and subcontractor reliability, creating structural variability in revenue recognition and profitability across quarters.