Elevated Leverage RiskElevated leverage increases financial vulnerability and could constrain the company's ability to complete large fiber builds and to deleverage if network loading underperforms.
FTTH Profitability PressureRemoval of government subsidy credits and higher operating costs for retooling fiber-to-the-home builds could compress margins in the consumer business.
Revenue Recognition VolatilityOne-time revenue recognition when routes are delivered produces lumpy revenue and EBITDA results, reducing near-term earnings predictability for investors.