Persistent Net Losses And Margin PressureOngoing net losses and a 2025 gross profit decline that turned negative signal structural cost or mix problems. Negative gross margin undermines core economics, impedes path to sustainable operating profits, and makes scaling commercial wins more capital intensive and riskier long term.
Weak And Volatile Free Cash FlowVolatile or negative free cash flow limits the company's ability to self-fund growth, R&D and commercialization. Persistent FCF weakness increases dependence on external funding, raising dilution or refinancing risk and constraining strategic investments that drive durable revenue expansion.
Choppy Revenue Trend And Recent DeclineInconsistent revenue and a decline in 2025 suggest challenges in converting development projects into stable production volumes. Without clearer, sustained revenue growth, fixed-cost absorption and profitability improvements remain uncertain, slowing the path to reliable margins and returns.