Revenue Collapse / Lumpy Project SalesA complete drop to zero revenue shows the business lacks a stable, repeatable sales base. For a project‑driven model this highlights execution and commercial adoption risks, making margin sustainability and predictable cash flow unlikely until consistent project wins are proven.
Persistent Negative Operating And Free Cash FlowLarge, ongoing cash burn consumes liquidity and forces reliance on external financing. Without a clear path to positive operating cash flow from project deliveries, the company faces sustained dilution risk and constrained ability to invest in commercialization or scale operations.
Material Dilution Risk From Financings And RatchetsFrequent convertible preferred and warrant adjustments materially increase potential share issuance and dilute existing holders. Structurally, such ratchets erode per‑share economics, can weaken investor incentives, and make future equity raises more dilutive or costly.