Elevated LeverageLeverage rising to roughly 5.3x equity increases refinancing and interest-rate exposure and reduces financial flexibility. High debt levels constrain the company's ability to self-fund project builds, increase default or covenant risk, and make timely project execution more dependent on external capital markets.
Negative Cash GenerationA reversal to negative operating and free cash flow heightens the need for external financing to sustain development and complete projects. This persistent negative cash conversion raises dilution and refinancing risk, and can delay project commissioning or asset handovers absent reliable funding sources.
Volatile Revenue & ProfitabilityA roughly 50% revenue drop and a swing to operating and net losses reflect pronounced earnings volatility. That undermines predictability of project throughput, reduces ability to cover fixed obligations, complicates long-term planning, and increases reliance on sporadic financings during weaker operating periods.