Weak Cash GenerationPersistent negative operating and free cash flow despite TTM GAAP profitability indicates cash conversion volatility. Continued cash burn could force external funding or slower deployment funding, raising execution and financing risk across the next several quarters.
Customer Concentration & Execution RiskHeavy dependence on a small set of anchor deals concentrates revenue and cash timing risk: delays or downsizing by any flagship customer would disproportionately affect results, making multi‑quarter growth sensitive to a few complex, long‑lead utility decisions.
Deployment Friction At UtilitiesStructural implementation challenges at utility customers slow time-to-revenue and increase support costs. Ongoing need to address tower access, device management, and operational capabilities can compress margins and extend realization of contract value over multiple years.