Blackwell deployment delays
B200 cluster delayed from earlier timeline; any further delays could impact revenue ramp and customer commitments.
E2ENETWORKS / bear-case history
Track the concerns that keep returning.
E2E Networks · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Lumpy revenue from small GPU base
Despite improving, revenue remains lumpy due to small absolute GPU count; large customer churn could cause volatility.
Depreciation drag on reported profitability
Depreciation rose to ₹51.3 crore in Q4, driven by heavy capex; PAT may remain under pressure until utilization fully ramps.
Competition and GPU pricing pressure
Rapid tech advancements (e.g., Vera Rubin) and domestic competitors could pressure GPU rental pricing over time.