Deepening LossesGross profit, EBITDA/EBIT and net income deteriorated materially through 2024–2025. Persistent operating losses erode retained earnings, prevent reinvestment from internal funds, depress returns on equity, and risk forcing dilutive capital raises if not reversed by sustained operational improvement.
Weak Cash GenerationOperating cash flow weakness and a swing from positive FCF in 2023 to effectively zero in 2025 reduce internal funding for maintenance or growth. Continued negative cash generation increases reliance on external financing, heightening execution and refinancing risk during multi-year project cycles.
Earnings Volatility & Past StressPerformance volatility—strong 2022 then multi-year losses—and prior periods of negative equity (2020–2021) indicate recurring operational or market risks. This history elevates the chance that future shocks could again impair capital structure or require corrective financing measures.