Persistent Cash BurnNegative operating and free cash flows indicate the business is not yet self-funding and will likely need external capital to progress projects. Over a multi-month horizon, continued cash burn raises dilution and execution risk if funding terms tighten or milestone timing slips.
Ongoing UnprofitabilityMaterial net losses and weak margins mean the company currently destroys shareholder value. Negative returns on equity (~-15%) constrain reinvestment capacity and lengthen the timeline to generate sustainable profits, increasing reliance on external financing to execute strategy.
Very Limited Revenue BaseRevenue remains nascent and inconsistent, leaving the company exposed to execution and market-acceptance risk. Without a stable, growing revenue stream, margin expansion and predictable cash generation are uncertain, delaying the transition to durable, contract-backed cash flows.