Persistent Net LossesContinuous annual net losses from 2020–2025 signal structural inability to generate profits. Persistent losses erode book equity, constrain reinvestment capacity, increase dependence on external funding, and raise the bar for management to demonstrate a durable return-to-profitability trajectory.
Negative And Volatile Cash GenerationNegative operating and free cash flow in recent years shows unstable cash conversion and ongoing cash burn. Volatile cash generation limits internal funding for projects, heightens refinancing risk, and forces reliance on outside capital, which can be costly or dilutive and hurt long-term stability.
Weak Project Economics / MarginsNegative operating margins and slightly negative gross profit in 2025 point to structural pressure on project economics and cost control. If gross margins remain impaired, revenue growth alone will not generate sustainable profits, prolonging losses and undermining the path to positive returns.