Contract And Volume Concentration RiskRevenue is transaction- and contract-driven, making results sensitive to tender outcomes and application volumes. Loss or non-renewal of material government contracts or sustained volume declines can quickly reduce revenue and underutilize service-center capacity, harming longer-term profitability.
Competitive Pressure On MarginsManagement notes margin sustainability risks amid rising competition. In a tender-based G2C market, increased bidding intensity or new entrants may force fee concessions or higher service costs, tightening EBITDA and free-cash-flow margins and limiting durable profit expansion.
Substantial Investing Cash OutflowsWhile investment can drive expansion, sizable and persistent investing outflows can strain near-term liquidity if returns are delayed. Continued heavy capex or platform spending without commensurate cash returns raises the risk of inefficient capital allocation and reduced financial flexibility.