Negative Cash Flow / Rising Cash BurnOperating and free cash flow turned negative and cash burn increased in 2025, meaning operations do not self-fund. Over the medium term this necessitates external financing, raising dilution or refinancing risk and constraining the company’s ability to execute capital-intensive commercialization plans.
Deep Operating LossesA net margin near -56% and sizable operating losses show weak profitability and negative returns on equity. Persistent losses erode equity, increase the need for future capital raises, and limit the company’s ability to invest in scaling operations without diluting shareholders.
Volatile, Limited Revenue ScaleRevenue history is small and highly variable, reflecting inconsistent commercial traction. Without stable, repeatable revenue streams the company cannot reliably realize operating leverage, validate product-market fit, or plan multi-year investments, keeping long-term profitability uncertain.