Persistent Net LossesOngoing negative EBIT and net income margins erode retained earnings and limit the firm's ability to self-fund growth. Continued losses constrain strategic choices, weaken ROE, and mean profitability improvements must be realized to secure long-term viability and investor confidence.
Negative Free Cash FlowSustained negative free cash flow forces reliance on external financing or drawing liquidity, raising dilution or refinancing risk. Operational cash conversion issues can limit capital allocation to projects, maintenance and R&D, threatening execution of growth plans over coming months.
Reliance On Government IncentivesMaterial dependence on subsidies and incentives amplifies regulatory and policy risk. If incentives are reduced or restructured, project economics and margins could deteriorate quickly, undermining revenue predictability and investment returns across the medium term.