High LeverageHeavy leverage (debt ~5.24B, D/E ~2.39) and an upward trend versus 2022–2023 materially increase refinancing and interest-rate risk. High debt limits strategic flexibility, raises fixed financing costs, and amplifies downside if project cash flows or policy supports weaken.
Negative Cash GenerationOngoing negative operating cash flow (~-106M TTM) and deep free cash burn (~-536M TTM) show the business consumes cash and relies on external financing. This dependence makes the company vulnerable to capital-market tightening and may force dilution or asset sales to fund operations.
Weak Profitability And Thin MarginsThin gross margins (~14%) paired with deep net losses (~-78% net margin) indicate persistent unprofitability and limited resilience to cost or price shocks. Sustained losses erode retained earnings, depress returns on equity, and make long-term viability contingent on meaningful margin improvement.