Sustained LossesConsecutive yearly losses, including a large 2025 loss versus minimal revenue, indicate the business is not yet operating at scale. Persistent unprofitability erodes equity, limits reinvestment capacity and makes achieving durable positive returns more uncertain over the medium term.
Consistent Cash BurnOngoing negative operating and free cash flow means the company requires external financing to sustain operations. Continued cash burn increases dilution or financing risk, constrains capital allocation for development, and is a durable drag until sustained positive cash generation occurs.
Negative Returns On EquityNegative returns on equity across reported years show deployed capital is not generating profit. This structural inefficiency undermines shareholder value creation and limits the company's ability to attract capital on favorable terms absent a clear path to positive returns.