No Revenue / Lack Of Commercial ScaleAbsence of revenue over several years indicates the company is not yet operating at commercial scale, leaving business viability dependent on financing and successful product commercialization. This is a structural risk to sustainable cash generation and long-term value creation.
Persistent Negative Operating And Free Cash FlowConsistent negative operating and free cash flow forces reliance on external funding and steadily consumes equity. Even with 2025 improvement, continued negative cash flow imposes dilution risk, limits investment capacity, and constrains the company's ability to scale without persistent financing.
Structural Unprofitability And Weak Unit EconomicsNegative gross profit and recurring losses point to adverse unit economics or pre-revenue R&D costs. Until gross margins and pricing or cost structures improve, profitability and returns on equity will remain negative, limiting sustainable long-term earnings power.