Persistent UnprofitabilityOngoing negative net profit, EBIT and EBITDA margins and a falling gross margin indicate structural profitability challenges. Until margins stabilize, the business will struggle to generate sustainable returns, limiting reinvestment capacity and prolonging dependency on external capital.
Negative Operating And Free Cash FlowContinued negative operating and free cash flows represent persistent cash burn, increasing financing and dilution risk. This weak cash generation constrains ability to fund commercialization and scale, and pressures management to secure external capital or slow growth initiatives.
Small Scale And Execution RiskA headcount of ~20 and a business still focused on pilots and demos imply limited operational scale and bandwidth. Small team size raises execution risk on commercial rollouts and customer support, potentially slowing adoption and prolonging timelines to profitable, repeatable deployments.