Negative Free Cash FlowPersistent negative free cash flow driven by heavy capex for vehicles undermines internal funding for growth and maintenance. Over months, this necessitates external financing or asset sales, constraining strategic choices and raising refinancing and liquidity vulnerability.
High Total Debt RiskElevated absolute debt levels increase interest and refinancing pressure, making the company sensitive to rate rises or credit tightening. For a low-margin, asset-heavy taxi operator, high debt amplifies downside in demand downturns and limits financial flexibility.
Fragile Operating ProfitabilityRecurring negative EBIT indicates core operations have struggled to cover operating costs. A small net profit swing could mask volatility or one-off items; until operating margins consistently turn positive, profitability remains vulnerable to cost shocks or volume declines.