Severe Recent Revenue DeclineAn 84.87% drop in revenue signals weak near-term commercial traction and undermines operating leverage. Over the coming months this persistent top-line erosion constrains ability to fund demonstrations, attract licensees, and demonstrate captive economics required for durable licensing and project uptake.
Negative Operating And Free Cash FlowOngoing negative operating and free cash flow indicate structural cash burn requiring external funding. Even with low debt, this persistent outflow pressures runway and may force equity dilution or delayed commercial activities, limiting the company's ability to execute multi-stage commercialization plans.
Persistent Losses And Negative Operating MarginsHigh gross margins haven't translated into positive EBIT/EBITDA, reflecting elevated operating costs or scale inefficiencies. Sustained negative margins reduce retained capital for growth, weaken credibility with partners, and create structural headwinds to achieving profitable licensing or project economics.