Leverage And Liquidity ConstraintsElevated leverage and limited prospects for large-scale asset monetization constrain financial flexibility and increase risk around funding the fiber build and achieving long-term deleveraging.
Operational HeadwindsPermitting delays and removal of certain customer credits are pressuring average revenue per user and slowing the network build-out, which could weigh on near-term growth metrics.
Revenue And Earnings VolatilityReliance on large one-time revenue recognitions when routes are delivered makes revenue and adjusted earnings likely to be lumpy, complicating forecasting and investor confidence.