Persistent Large Net LossesThe company has sustained very large net losses and deeply negative margins across multiple years, meaning earnings power is far from break-even. Continued deficits will erode equity and require external capital to sustain operations, creating a structural profitability risk unless costs or revenue mix meaningfully improves.
Weak Cash GenerationConsistent negative operating and free cash flow, with cash burn accelerating in 2025, means the business cannot self-fund growth or absorb shocks. Reliance on external funding reduces strategic optionality and raises execution risk if financing conditions tighten, a durable constraint on long-term stability.
Financing Brings Dilution & Asset LeverageRecent secured financing improves near-term liquidity but creates first‑priority liens, warrants, and fee shares that increase asset-backed leverage and dilution risk. These structural capital‑structure features can constrain future financing options and dilute existing shareholders over the medium term.