Free Cash Flow Volatility / Negative FCFFree cash flow volatility and a latest-year negative FCF driven by heavy capex constrains internal funding for working capital and growth projects. Persistently negative FCF could force external financing at unfavorable terms, raising execution and refinancing risk over time.
Tender-driven Revenue ConcentrationReliance on government/municipal procurements and competitive tenders creates structural timing and execution risk. Delays, lower win rates or contract execution issues can make revenue lumpy and underutilize capacity, even if long-term demand for mass e-mobility remains intact.
Slightly Declining Equity Ratio / Rising LeverageA modest decline in the equity ratio implies rising leverage which, combined with capex-driven cash needs, reduces financial headroom. Higher leverage increases sensitivity to revenue slowdowns, cost overruns, and can elevate borrowing costs, constraining strategic flexibility.