Deep And Persistent LossesLarge, sustained net losses erode equity and constrain the company's ability to self-fund commercialization, R&D, and scaling. Without a clear path to durable positive margins, ongoing losses increase financing needs, raise dilution risk, and limit long-term operational flexibility.
Consistent Negative Operating And Free Cash FlowPersistent negative OCF/FCF means core operations do not generate cash to sustain growth. This structural cash burn necessitates external financing or depleting reserves, constraining investment in market development, lengthening time to profitability, and elevating execution risk over quarters.
Small, Volatile And Declining Revenue BaseA small, non‑linear revenue base reduces operating leverage and makes gross-margin recovery difficult. Declining top-line in 2025 signals adoption headwinds or concentration risks; without steady revenue growth, scaling fixed costs and achieving sustainable margins will remain challenging over the medium term.