Persistent Negative Cash GenerationMaterial negative operating and free cash flows indicate the business remains cash consuming and reliant on external funding. Over the medium term, continued burn constrains investments, risks dilution or higher financing costs, and limits the firm's ability to self-fund scaling of processing capacity.
Pre-profitability And Weak MarginsDeeply negative operating and net margins reflect a cost structure that is well ahead of current revenue. Without a sustained ramp in volume, margins will remain a structural headwind to achieving positive operating leverage and long-term sustainable profitability.
Erosion Of Equity And Negative ReturnsNegative returns and a declining equity base signal that cumulative losses are eroding shareholder capital. Persisting at this pace over months can limit strategic options, reduce balance-sheet resilience, and increase the need for dilutive capital raises to fund development and commercialization.