Structural UnprofitabilityPersistently large operating and net losses imply the core cost base remains far above revenues. Without durable margin expansion or materially higher sales, continued losses will erode equity and constrain strategic options, making sustained profitability uncertain over several quarters.
Consistent Negative Cash FlowRepeated negative operating and free cash flow forces reliance on external financing or depletion of balance-sheet reserves. Even with improved burn in 2025, ongoing negative cash flow creates funding risk and potential dilution unless a clear path to sustained positive cash generation is established.
Small Operating ScaleA very small workforce limits commercial reach, internal R&D throughput and ability to scale operations independently. This elevates execution risk, increases reliance on partners or outsourcing, and can slow revenue diversification needed to absorb fixed costs and reach sustainable margins.