Persistent Net LossesOngoing net losses have eroded equity and indicate core economics are not yet sustainable. Persistent losses constrain reinvestment, increase dependence on external capital, and risk shareholder dilution unless structural revenue growth or margin improvement is achieved over the medium term.
Gross Profit DeteriorationA negative gross profit in 2025 signals that unit-level economics deteriorated, likely from cost pressures or adverse product mix. This threatens margin sustainability and could prevent commercialization efforts from translating into durable profits unless pricing, mix or cost structure are corrected.
Weak And Volatile Free Cash FlowVolatile, negative free cash flow limits the company's ability to self-fund commercialization, scale production, or weather setbacks. Continued weak FCF increases the likelihood of future equity or debt raises, which could dilute shareholders or pressure the conservative balance sheet during multi-year growth plans.