Persistent Cash BurnOperating and free cash flows remain significantly negative, indicating ongoing burn that requires external funding until revenues scale. Persistent cash outflows constrain strategic flexibility, elevate dilution risk, and make near-term survival sensitive to grant and investor funding availability.
Delayed Commercial RevenueThe Integration division has a long sales cycle and management defers expected revenue to 2027+, delaying the company's path to breakeven. This extends dependence on funding, increases time to positive unit economics, and heightens exposure to execution risk over multiple quarters.
Manufacturing & Technical RisksPrototype processes require process-engineering to improve yields and component utilisation, while full-cell calendar life remains unvalidated. These technical and manufacturing gaps directly affect unit economics, scalability and time-to-market, keeping commercial outcomes highly uncertain.