Minimal Revenue And Widening LossesThe company lacks a scalable revenue base and has endured persistent, increasing net losses. Structural unprofitability limits reinvestment capacity, undermines demonstrated demand for the technology, and means the business must materially improve commercial traction to become self-sustaining.
Sustained Negative Operating And Free Cash FlowConsistent operating and free cash outflows indicate structural cash burn. This increases reliance on external financing or dilution, shortens runway for commercialization, and constrains the company's ability to scale operations or invest in deployments without recurring capital infusions.
Eroding Equity BaseDeclining shareholder equity reflects cumulative losses and weak retention of capital. A smaller equity cushion reduces resilience to further operational setbacks, weakens borrowing capacity, and heightens sensitivity to adverse funding conditions or execution delays in commercialization.