Bus Éireann management is expected to write to staff in the next 48 hours outlining its strategy to address mounting losses at the company - which could revive the threat of an all-out strike.
The company had sought to agree a €30m survival plan with unions, which included cuts of €12m to the payroll bill.
However, talks at the Workplace Relations Commission failed to reach agreement.
Unions have already warned that they will commence an all-out indefinite strike if the company implements any cuts without agreement.
In a statement this evening, the company confirmed that its losses in the first two months of this year were 41% higher than in the equivalent period last year.
The company had already stated publicly that it lost €9.4m in 2016 - an average monthly loss of €783,000, or €1.57m for January and February of that year.
However, in a statement this evening, the company confirmed that the financial shortfall for the same period in 2017 was 41% higher.
Based on 2016's average losses, that would increase the estimated losses for the first two months of 2017 by €643,700 - bringing the two-month total to around €2,213,700.
Bus Éireann has previously confirmed that it lost €1.5m in January, but declined to give the actual figure for losses in February.
However, the company has reiterated that with losses continuing to mount, it runs the risk of insolvency by mid-year 2017 - and possibly as early as May.
It says that this remains a very serious concern for both the management and board of Bus Éireann.
It also reiterates that the company sees it as critical that cost saving initiatives are implemented without further delay.
The board is due to sign off on the 2016 accounts on Monday, 27 March, but cannot do so unless management delivers a viable survival strategy to put the company on a long-term sustainable footing.
As of now, no further intervention by the WRC aimed at averting an escalation of the dispute has emerged.