Zero Revenue In FY2025A collapse to zero reported revenue signals failure to convert development into recurring commercial sales. Without demonstrated demand or contracts, revenue-generation remains an execution risk that undermines cash generation and scalability for the business model.
Persistent Negative Cash FlowConsistent negative operating and free cash flows indicate the business consumes cash to operate. This structural cash burn requires ongoing financing, increases dilution risk, and constrains investments into pilot plants, scale-up, or commercial partnerships absent profitability.
Ongoing Losses And Margin DeteriorationSustained net losses and weakening margins limit the company’s ability to self-fund growth or build retained earnings. Poor profitability undermines long-term value creation and suggests the business model has yet to achieve unit economics that support scalable, durable margins.