Very Small, Volatile Revenue BaseA tiny, highly variable revenue base undermines scalability and makes forecasting cash flows unreliable. Structural revenue weakness limits the firm’s ability to cover fixed costs, invest in growth, or sustain operations without continued external funding over the coming months.
Persistent Negative Gross ProfitNegative gross margins indicate the core business is loss-making before overheads, a structural weakness that prevents operating leverage. Until product economics or cost structure change, profitability and margin sustainability remain major long-term constraints.
Uneven Cash Generation And Prior Cash BurnAlthough FY2025 improved, prior multi-year cash burn shows cash generation is inconsistent. This creates execution risk: further cash shortfalls could force dilutive financing or project delays, limiting strategic optionality over the medium term.