Very High And Rising LeverageRapidly rising total debt and very high debt-to-equity materially increase refinancing, interest-rate, and rollover risk. High leverage limits financial flexibility to absorb shocks or higher rates, constrains free cash allocation to growth or deleveraging, and raises structural funding vulnerability over the medium term.
Persistently Negative Free Cash FlowLarge negative free cash flow driven by heavy capex implies ongoing dependence on external funding to finance growth. Even with improving operating cash flow, sustained negative FCF increases refinancing needs, heightens sensitivity to capital markets, and may pressure credit metrics if investment cadence continues.
Decelerating Revenue MomentumSlowing top-line growth signals a transition from rapid scale-up to execution-dependent expansion. Future growth will rely on timely commissioning of new projects and grid availability; delays, higher build costs, or operational setbacks could compress returns and slow margin expansion over the medium term.