Negative Margins And Persistent LossesConsistently negative gross and operating margins show unit economics currently do not cover production and operating costs. Without structural cost reduction or higher-priced contracts, continued losses will erode equity and require external financing, impairing long-term viability.
Declining RevenueSevere revenue contraction reduces scale benefits and increases per-unit fixed costs. Falling top-line undermines the ability to absorb R&D and fixed plant costs, delays route-to-profitability, and heightens dependence on new contracts or subsidies to restore sustainable growth.
Cash Flow And Liquidity PressureOngoing negative operating and free cash flows create liquidity risk and increase the need for external financing. This constrains capital spending, delays scale-up of assets, and raises dilution or debt risks if cash-generation improvements do not materialize within the medium term.