Weak Cash GenerationSignificant negative operating and free cash flow in 2025, despite reported net income, points to working‑capital timing or project cash demands. Persistent cash deficits increase reliance on external financing, raise funding costs, and constrain the company's ability to bid on or execute new deals without raising capital.
Elevated LeverageA materially higher debt-to-equity (~1.86) reduces financial flexibility and increases interest and refinancing risks. In combination with volatile cash flows, elevated leverage can force asset dispositions in stress, limit ability to finance growth projects, and magnify earnings sensitivity to rate or market shocks.
Revenue Volatility And Deal SensitivityRevenue declined ~14% in 2025 following uneven prior growth, underscoring heavy reliance on transactional deal flow. This structural sensitivity makes revenues and cash flows lumpy, complicates forecasting and planning, and raises the chance of earnings swings in periods of lower transaction activity or tighter real estate markets.