Large Operating Losses & Cash BurnSustained operating losses and negative operating/free cash flows indicate structural cash burn that will pressure resources absent rapid revenue scale or cost reduction. This weakens long-term resilience and forces reliance on financing or dilution to sustain growth and R&D investments.
Modest Product Revenue ScaleCore product revenues remain small and license sales declined year-over-year, limiting margin expansion and operating leverage. Until enterprise and telecom deployments scale materially, high fixed costs will keep profitability out of reach and heighten execution risk.
Management Turnover & Transition RiskA CFO transition and recent board resignation create short- to medium-term governance and execution risk at a cash-constrained stage. Even with an experienced incoming CFO, transitions can disrupt financial controls, fundraising, and commercial execution during critical scaling.