Negative Operating Cash FlowPersistent negative operating and free cash flows indicate the business is not yet self-funding growth. Over the medium term this can constrain investment in scale-up, force dilutive capital raises or limit ability to support large commercial contracts requiring working capital.
Poor ProfitabilityOngoing negative margins mean the company has not reached unit economics that cover overheads and R&D. Without structural margin improvement from scale or product mix, losses are likely to continue, pressuring retained earnings and long-term return generation.
Commercialisation / Scale RiskRevenue depends on converting trials to repeat supply and customer qualification in regulated or performance-critical markets. Slow qualification or failure to secure repeat orders would limit predictable revenue growth and delay path to profitable, large-scale supply agreements.