Construction of real-estate projects
Geshem LaMishtaken ended 2025 with weaker accounting results, but not with an operational freeze: sales and operating cash flow improved, while profit softened because handovers lagged and funding became more expensive.
Geshem LaMishtaken's expected gross profit is concentrated in a small number of projects, and the portion still open to selling-price pressure, construction-cost drift, and execution delays is far less protected than the headline tables suggest.
Funding became Geshem LaMishtaken's bottleneck because even after operating cash flow improved, year-end cash almost covered only current Series A while the company remained heavily dependent on short-term bank funding and relatively expensive listed debt.
