Persistent Negative Operating Cash FlowConsistent operating cash outflows indicate the core business is not self-funding. Ongoing cash burn forces reliance on external financing, increases refinancing and liquidity risk, constrains capex or network investment, and can pressure margins and strategic flexibility over the medium term.
Sustained UnprofitabilityContinued negative operating profitability, despite revenue gains, signals unresolved cost structure or pricing issues. Persistent losses impair free cash flow, delay return to positive ROE, and limit internal reinvestment capacity, raising the risk that scale alone won't restore healthy margins without operational fixes.
Capital Structure Uncertainty And Dilution RiskProposals enabling broad share consolidation and an increase in authorized capital create structural uncertainty around governance and dilution. Given weak cash generation, the company may need recurring equity raises, which can dilute shareholders, alter voting dynamics, and complicate long-term capital planning.