Steep Revenue DeclineA sharp multi‑year revenue contraction erodes market traction, undermines scale economics and raises doubts about commercial adoption. Persistent top‑line declines limit ability to cover fixed costs and invest in network expansion, increasing execution risk over the medium term.
Deeply Negative ProfitabilityConsistently negative margins across gross, operating and net lines show the company is not yet generating unit economics that cover costs. Ongoing losses impair retained earnings, constrain reinvestment, and increase reliance on external funding to sustain operations and growth.
Weak Cash Generation And Liquidity PressureNegative free cash flow and weak operating cash conversion highlight limited internal funding capacity. This forces dependence on external capital for rollouts and working capital, raising execution and dilution risk if financing conditions tighten or investor support wanes over the medium term.