Volatile Cash GenerationSharp swing to low/negative cash flow increases earnings-quality and funding risks: working-capital swings or elevated capex could force external financing or constrain support/service delivery. This volatility undermines reliability of internally funded growth and margin expansion.
Total Assets Declined 2024→2025A decline in total assets may signal shrinking operational scale or tightening receivables/inventory management that can impair delivery of large government projects. Persistent contraction reduces capacity to absorb project timing shocks and could tighten liquidity over quarters.
Historic Margin VolatilityPrior multi-year negative margins show profitability was driven recently by discrete improvements rather than a long track record. Without clearer margin drivers, earnings remain exposed to contract timing, pricing pressure, and implementation costs, risking reversion to past losses.