Declining Revenue And Deep LossesPersistent revenue contraction and very large negative margins indicate structural challenges monetizing the offering and scaling profitability. Continued deep losses erode shareholder equity, limit internal funding capacity for R&D and deployment, and raise the bar for achieving sustainable operating leverage over the medium term.
High LeverageElevated and rising leverage increases refinancing and interest rate risk, particularly given negative profitability. High debt amplifies downside in a capital‑intensive space, constraining flexibility to pursue opportunistic investments or weather revenue volatility and raising the probability of future funding needs or dilution.
Severely Deteriorating Cash GenerationA dramatic drop in free cash flow and negative operating cash flow signal that operating performance is not funding capital and growth. Even with interim financing, persistent cash burn increases reliance on external capital, elevates funding risk, and undermines the firm’s ability to sustainably support its satellite rollout and platform investments.