Persistent Net LossesOngoing net losses and falling revenues erode retained capital and restrict reinvestment. Without a sustained revenue turnaround or cost restructuring, profitability deficits will limit ability to modernize networks or compete, threatening long-term viability.
Negative Equity And Rising LeverageNegative shareholders' equity signals liabilities exceed assets, increasing solvency and refinancing risk. Rising debt against negative equity narrows financial flexibility, raises refinancing and covenant risks, and could force restructuring or increased government intervention.
Negative Operating And Free Cash FlowPersistent negative OCF and FCF mean the company cannot internally finance operations or capex, forcing dependence on external funding. This undermines the ability to invest in network upgrades and maintain service levels, weakening competitive position long-term.