Extremely Elevated LeverageDebt-to-equity at ~43x reflects a compressed equity base and very high reliance on debt financing. This materially elevates refinancing, interest and solvency risk, constrains strategic flexibility and increases the chance that adverse funding conditions could force asset disposals or restructurings.
Deep, Persistent Net LossesA roughly -48% net margin in 2025 shows the company remains structurally loss-making. Persistent losses erode equity and limit retained capital for development, worsening leverage over time and making sustainable profitability and shareholder value recovery more challenging.
Sharp Revenue Decline And Weak Top-line TrendA steep ~31% revenue drop in 2025 after multi-year declines signals weakening project sales or market demand. A deteriorating top line reduces visibility into future cashflows and makes deleveraging harder, increasing reliance on financing or asset sales to cover obligations.