Collapsed Revenue And Widening LossesRevenue decline to near-zero and widening net losses indicate loss of scale and worsening unit economics. Persistent top-line erosion undermines the company’s ability to cover fixed costs, invest in project pipelines, and demonstrate sustainable project economics—raising long-term viability concerns absent a clear revenue recovery path.
Negative Equity And Higher LeverageNegative shareholders’ equity and materially higher debt reflect a significantly weakened balance sheet, reducing financial flexibility. This increases refinancing, covenant and solvency risk, makes non-dilutive funding harder to access, and constrains the company’s ability to finance multi-year projects without dilutive or costly capital.
Sustained Cash BurnMulti-year negative operating and free cash flow represent persistent cash burn and reliance on external financing. For a project-driven business with long verification cycles, ongoing cash deficits raise execution risk, threaten timely project delivery, and may force interruptions or scaling back of development activity absent stable funding sources.