Persistent Negative Operating And Free Cash FlowOngoing cash burn means the business depends on existing reserves or external financing to fund operations and growth. This structural cash drain constrains reinvestment in commercialization and aftermarket scaling, and increases dilution or refinancing risk over the medium term.
Negative Gross Profit And Margin DeteriorationA move to negative gross profit signals fundamental issues with pricing, production cost or product mix that impair unit economics. Without margin recovery, revenue growth cannot translate into sustainable profitability, hampering long‑term free cash flow generation and scalability.
Material Decline In Equity / Capital ConsumptionSignificant erosion of shareholder equity reflects multi‑year capital consumption and weak retained earnings. This reduces the company’s financial cushion, limits ability to self‑fund expansion or weather shocks, and increases likelihood of capital raises that could dilute existing holders.