Weak Cash GenerationSustained negative operating and free cash flow over two consecutive years signals structural cash-generation weakness. This erodes internal funding for investment, raises reliance on external financing, and constrains the company's ability to fund growth or dividends without repairing operations.
Eroding ProfitabilityA slide from strong margins in 2023 to near-breakeven in 2025 reflects deteriorating earnings quality and margin sustainability. Persistently weak operating profitability reduces cash conversion, compresses returns on capital, and makes weathering competitive or cost shocks more difficult long term.
Rising LeverageA sharp increase in leverage materially raises financial fixed costs and reduces flexibility. Higher debt after cash shortfalls heightens refinancing and interest-rate risk, limits ability to invest in customer acquisition or network needs, and amplifies downside if earnings recovery stalls.