Volatile Free Cash FlowHeavy capex causing negative free cash flow increases reliance on external funding or working capital facilities. Over time, inconsistent FCF can constrain reinvestment, limit buffer for supplier or warranty obligations, and raise financing costs if additional capital is needed to sustain growth.
Tender/Contract Concentration RiskBusiness concentration on public and institutional tenders exposes revenue to procurement cycles, award timing and competitive bidding. Dependence on large contracts increases variability in order flow, execution risk on multi-year deliveries, and sensitivity to changes in public transport spending priorities.
Scaling & Execution ChallengesSustaining rapid growth requires scaling manufacturing, supply chains (notably battery supply), and after-sales service. Execution complexity can pressure margins, raise working capital needs, and necessitate further capex; missteps could slow growth or erode the current margin improvement trend.