Negative Gross Margins And Persistent Operating LossesNegative gross margins across recent years indicate current unit economics do not cover direct production costs. Large operating losses mean the business has yet to demonstrate a viable path to sustainable profitability; absent structural cost reductions or higher pricing, losses will persist despite revenue growth.
Consistent Negative Operating And Free Cash FlowOngoing cash burn forces dependence on external financing for operations and growth. Even with some improvement in 2025, sustained negative cash generation constrains the company's ability to scale production, invest in commercialization, and absorb setbacks without dilutive funding or curtailed investment.
Small Scale And Limited Internal ResourcesA very small workforce limits internal R&D, commercial deployment and customer support capacity during scaling. Combined with persistent losses, limited staffing raises execution risk for qualification processes, multi-customer rollouts and operational scaling over the medium term without significant hiring or partnering.