Negative And Declining Free Cash FlowPersistent negative free cash flow and a recent 4.8% decline signal structural cash generation weakness. This constrains the company’s ability to fund plant scale‑up, commercialization and R&D internally, increasing dependence on external financing and raising dilution or refinancing risk over the medium term.
Consistent Negative Margins And UnprofitabilityOngoing negative gross, operating and net margins point to structural profitability issues—whether from pricing, input costs, or scale inefficiencies. Without durable margin improvement, the firm will struggle to achieve self‑sustaining operations and will remain reliant on external capital for growth.
Elevated Leverage And Weaker Equity RatioA debt‑to‑equity ratio of 1.56 and a falling equity ratio to 33.2% reflect elevated leverage for a capital‑intensive scale‑up. Higher indebtedness increases interest burden and refinancing risk, reducing financial flexibility to invest in commercial capacity or absorb industry shocks over the medium term.