Weak Cash GenerationRepeated negative operating and free cash flow indicate earnings have not reliably converted to cash, elevating execution risk. Sustained cash burn can force additional funding rounds or slow placements if revenue ramps lag, making near-term scaling contingent on continued external capital.
Volatile, Small Revenue BaseA small, volatile revenue stream and reliance on irregular spikes reduce predictability of margins and cash flow. This unstable top line undermines visibility for commercial scaling and makes multi-quarter performance improvements uncertain until recurring, repeatable revenue is established.
Operating Losses From ScalingOngoing R&D and commercial ramp investments caused operating losses in 2025, showing the commercialization phase is cash-consuming. If product placements or reimbursement uptake lag, continued investment could pressure margins and require further capital before the business achieves sustained operating profitability.