Revenue And Profitability CollapseA steep revenue drop and deeply negative net margins indicate lack of commercial scale and persistent operating losses. Structurally, this reflects inefficiencies and limited recurring sales, making it harder to self-fund project development and justify sustained investment without material operational progress.
Negative Operating Cash FlowConsistent negative operating cash flow constrains the company’s ability to fund project capex or scale production internally. Over months, reliance on external financing rises, increasing execution risk and potential dilution before any HPA revenue can offset cash burn.
Financing-dependent Funding ModelDependence on equity or other financing for development creates structural funding risk: capital availability and terms fluctuate with markets, and repeated raises dilute shareholders. Until commercial HPA sales commence, growth is contingent on successful financing execution.