Chronic Cash BurnPersistent negative operating and free cash flow, with a worsening 2025 FCF, creates a structural funding requirement. Over the medium term this forces dilution, debt raises, or asset sales to sustain R&D, constraining strategic optionality and shareholder value retention.
Structural UnprofitabilityDespite revenue gains, recurring operating losses indicate the business has not reached scalable, profitable operations. Continued high operating spend versus revenue suggests margins are unlikely to normalize quickly absent major commercial wins or significant cost restructuring.
Declining Capital BaseDeclining equity and assets alongside negative ROE signal erosion of the capital base from sustained losses. This weakens the firm's balance-sheet shock absorption, increasing vulnerability to funding market conditions and elevating the probability of dilutive capital raises.