Persistent Operating LossesDeep, widening operating and net losses (net margin ~-56% in 2025) reflect limited operating leverage and ineffective cost absorption at current scale. Persistent losses erode equity, compel ongoing external funding, and make achievement of sustainable profitability dependent on substantial revenue scale or structural cost cuts.
Negative Cash Flow / Rising Cash BurnOperating cash flow reversal to negative and a ~38% decline in free cash flow in 2025 indicate accelerating cash burn. This structurally weak cash generation limits self-funding of commercialisation, increases reliance on financing, and raises dilution or leverage risk over the next several quarters.
Volatile, Limited Revenue BaseSmall, inconsistent revenue undermines predictability and inhibits economies of scale. The spike-and-decline pattern shows demand or execution volatility; without steady, recurring revenue or long-term contracts, margins and cash generation remain fragile and the path to durable profitability is uncertain.