Deep Negative Cash GenerationTwo consecutive years of large negative operating and free cash flow indicate weak cash conversion of reported profits and heavy project or working-capital outflows. This creates ongoing funding needs, raises liquidity risk, and increases dependency on external financing.
Rising Leverage And Debt LoadA pronounced debt increase to ~787M materially shifts capital structure, elevating interest and rollover risk. Higher leverage reduces financial flexibility during project cycles and magnifies downside in slower sales periods or higher financing costs.
Earnings Volatility And Project-Driven RiskHistoric losses and sharp step-change revenue patterns reflect project-timing and concentration risk. Reliance on discrete project monetization can produce uneven earnings, complicating cash planning and making long-term margin predictability weaker versus recurring-income models.