Negative Operating And Free Cash FlowPersistent negative operating and free cash flow forces reliance on balance sheet liquidity or external funding. Over months this constrains discretionary spending, slows commercialization efforts and increases execution risk if cash burn does not continue to improve materially.
Ongoing Losses And Deep Net MarginA roughly -61% net margin reflects continued cash-negative operations and eroding returns on capital. Even with narrowing losses, sustained negative profitability threatens equity value and limits reinvestment capacity until the firm reaches consistent scale and positive operating leverage.
Inconsistent Revenue / Recent Sharp DeclineSharp, recent revenue declines and volatile top‑line growth undermine the path to scale. Without predictable, increasing volume from design‑wins, the company cannot reliably convert good gross margins into sustainable EBIT, making recovery dependent on uncertain customer ramp timing.