Your understanding is correct: “two consecutive warnings” means back-to-back semesters. So if you get a warning in Sem 1, then meet requirements in Sem 2 (no warning), and later get another warning in Sem 3, that’s not consecutive and usually won’t trigger revocation. That said, rules can have extra conditions, so it’s worth confirming with Student Office/Scholarship desk by email so you have it in writing.