Negative Free Cash FlowPersistent negative free cash flow (-1,154m) is a structural risk: it constrains funding for fleet maintenance, expansion or debt repayment and forces reliance on external financing or equity. If unaddressed, cash deficits can limit strategic flexibility and elevate refinancing risk over the medium term.
Operating Cash Flow WeaknessOperating cash flow turning negative despite reported profits indicates earnings quality and working capital issues (receivables, payables, inventory). Over months this can strain liquidity, complicate vendor and driver payments, and increase dependence on short-term credit to fund daily operations.
Rising Leverage / Lower Equity RatioA nearly 1.0 debt-to-equity and falling equity ratio indicate increased reliance on debt financing. Elevated leverage amplifies interest and refinancing exposure and reduces balance sheet flexibility, making the company more vulnerable to rate shocks or downturns over the coming months if cash generation doesn't improve.