Persistent Net LossesOngoing net losses erode retained earnings and suppress return metrics, limiting internal funding capacity. Continued unprofitability increases the likelihood of future equity raises or other financing, which can dilute shareholders and constrain long-term return on equity improvement.
Negative Free Cash FlowSustained negative free cash flow hampers Aroa's ability to self-fund capex, inventory and commercialization investments. Even with improving operations, negative FCF raises financing needs and execution risk when scaling, potentially slowing the path to durable cash generation.
Channel And Procedure DependenceRevenue reliance on procedure volumes and distributor channels exposes Aroa to reimbursement shifts, provider purchasing cycles and potential customer concentration. Adoption and growth hinge on sustained clinical utilization and partner execution, adding structural adoption risk over coming months.