Pre-revenue And Persistent LossesThe company remains essentially pre-revenue with recurring net losses. Persistent negative gross profit and lack of operating scale mean the business model is not yet validated commercially, increasing long-term execution risk until sustained revenue and positive margins emerge.
Sustained Negative Cash Flow / Cash BurnConsistent negative operating cash flow and deep free-cash-flow deficits create ongoing funding needs. This cash burn heightens reliance on external capital or partnerships, raising dilution and timeline risk for project completion and commercial ramp over the next several months to years.
Eroding Shareholder EquityA marked decline in equity reflects cumulative losses and cash drawdown, reducing the balance-sheet cushion. Weaker net worth constrains borrowing capacity, makes the company more sensitive to cost overruns or delays, and complicates negotiating favorable financing or partner terms.