Negative Equity And Stretched Balance SheetNegative equity and rising debt materially weaken financial flexibility. A stressed capital structure limits ability to fund commercialization, increases refinancing risk, and can constrain strategic options, making sustained investment or scaling difficult without new external capital.
Persistent Negative Operating And Free Cash FlowRecurrent operating and free cash outflows indicate the business is not self-funding. Ongoing cash burn forces dependency on external financing, which can dilute shareholders or raise cost of capital and hinder long-term project execution and partner confidence.
Small, Volatile Revenue And Persistent LossesLow, inconsistent revenue and widening net losses show the cost base is misaligned with current scale. Without sustained revenue growth, achieving margin sustainability is unlikely, reducing ability to fund R&D, commercial rollout, and support long-term competitiveness.