Revenue Decline & Margin CompressionDeclining revenue and a sharp drop in gross margin (from 25.13% to 15.65%) signal weakening core economics and pricing or cost pressures. Persistent top-line contraction plus margin erosion undermines sustainable profitability and makes operational leverage less effective over the medium term.
High Balance-sheet LeverageA debt-to-equity ratio of 2.32 and modest equity ratio raise solvency and refinancing risk. High leverage reduces financial flexibility to fund capex or network upkeep, increases interest burden, and amplifies downside during revenue stress, constraining strategic options over ensuing quarters.
Severe Cash Flow DeteriorationA nearly 99% drop in free cash flow and very weak OCF-to-net-income conversion (0.13) point to acute liquidity and cash-generation problems. Persistent low cash conversion limits the firm's ability to service debt, invest in the network, or absorb further margin shocks without external financing.