Persistent Negative Cash FlowOperating and free cash flow have been negative every year, with a larger burn in 2025. Persistent cash consumption forces dependence on external financing, constrains reinvestment into commercialization, and increases dilution or refinancing risk if revenue does not sustainably scale.
Deep And Widening Operating LossesA sharply negative gross profit in 2025 and materially wider operating losses signal weak unit economics. Without improving margins or pricing, scaling revenue may not translate into profitability, making sustainable earnings generation uncertain over the next several quarters.
Volatile, Small Revenue BaseRevenue has been volatile and small versus the company’s cost base, with only a rebound in 2025 that still produced deep losses. A small, inconsistent top line undermines operating leverage, prolongs time to breakeven, and makes results highly sensitive to a few partner deals or customers.