Negative Cash FlowPersistent negative operating and free cash flow (2022–2026) means reported profits are not converting to cash. This structural cash shortfall pressures liquidity, increases dependence on external funding for operations and development, and weakens long-term financial self-sufficiency.
Elevated LeverageLeverage rising to ~3.05x increases sensitivity to interest-rate moves and asset-value declines. Higher debt amplifies downside in weaker markets, reduces balance-sheet flexibility, and raises refinancing and covenant risks over the 2–6 month horizon and beyond.
Margin CompressionMaterial margin erosion (gross and net) cuts the earnings cushion and reduces internal cash generation. Persistent compression may reflect pricing pressure or higher project costs, making profitability more cyclical and constraining capacity to invest or withstand shocks.