Cash Burn / Free Cash FlowDeep and persistent negative free cash flow requires continual external funding to sustain expansion. Reliance on financing increases dilution or debt burden risks and constrains the pace of site roll-out if capital markets tighten, materially impacting growth plans over the medium term.
Rising LeverageMaterial increase in leverage reduces financial flexibility and heightens refinancing and interest-rate sensitivity. High debt levels can force prioritization of cash for liabilities over reinvestment, raising execution risk for network expansion during economic or funding stress.
Net Losses / Negative ROESustained net losses and negative ROE mean the business does not yet generate equity returns after depreciation and financing. This limits internal funding, pressures the need for external capital, and implies a longer timeline before shareholders see durable profitability.