Earnings And Cash-flow VolatilityThe company experienced multi-year earnings and cash-flow volatility, including large losses in 2023–2024 and negative operating cash flow in 2023. These swings reduce confidence in earnings quality and durability, complicating long-term planning, financing of development pipelines, and investor predictability.
Weak Debt Coverage By OCFOperating cash flow covers only ~26% of total debt in 2026 TTM. This low coverage limits the firm's organic deleveraging ability, increases dependency on refinancing or capital raises, elevates liquidity risk, and constrains capacity to fund new development projects without external funding.
Rising Leverage And Weak ROELeverage increased meaningfully versus earlier years and returns on equity were weak or negative in several years (including 2024). Higher leverage combined with poor ROE heightens sensitivity to market downturns, raises funding costs, and reduces resilience of shareholder returns and strategic flexibility.