No Commercial RevenueZero or trivial revenue indicates the business is not yet at commercial scale, leaving the licensing model hypothetical. Without demonstrated product integration or customer receipts, the company lacks proof of market adoption, making long-term revenue durability and partner engagement uncertain.
Structural Cash BurnConsistent negative operating and free cash flow requires ongoing external funding, increasing dilution risk and diverting management attention to financing. Persistent cash burn constrains the company's ability to scale commercialization activities and to invest steadily in customer qualification or productization.
Sustained Losses And Dilution RiskRecurrent operating losses are eroding shareholder value despite an equity cushion. Continued negative returns make future capital raises dilutive, compress management flexibility, and weaken partner confidence, all of which undermine long-term commercialization and growth prospects.