Significant Revenue DeclineA 30.6% year-over-year revenue drop materially weakens scale and the installed-base economics that underpin consumable sales. Prolonged top-line contraction can erode pricing leverage, limit margin recovery, and impede investment in commercialization over the next several quarters.
Negative Equity / Balance Sheet RiskThe balance sheet shows negative equity with total liabilities exceeding assets, signaling elevated solvency and leverage risk. This structural weakness constrains financing options, increases refinancing dilution risk, and may force restructuring if cash needs persist over the medium term.
Persistent Negative Cash FlowOperating and free cash flows are negative despite slight free-cash-flow improvement, indicating the company is burning cash to operate. Sustained negative cash generation requires external funding, which can dilute shareholders or curtail R&D and commercialization investments over months.