Persistent Negative Operating Cash FlowOperating cash flow has been negative annually and remains so in 2025. Continued inability to generate operating cash undermines self-funding capacity, forces reliance on financing, and increases execution risk for development timelines and project funding over the next several quarters.
Pre-/early-revenue With Volatile SalesThe company is effectively pre- or early-revenue with a history of near-zero sales and persistent losses. Without a clear, sustained revenue stream, margins remain undefined and the path to commercial cash generation and project economics is uncertain, raising medium-term execution risk.
Ongoing Financing / Dilution RiskBecause internal cash generation is insufficient, the company will likely need external capital to fund operations and development. Recurrent fundraising risks dilute existing equity and can delay project advancement or shift strategic priorities, impairing long-term value creation.