No Reported Revenue 2021–2024Absence of commercial revenue over multiple years means the technology remains unproven at scale and the business model is not yet validated. That sustains high execution risk, reliance on fundraising, and uncertainty about future margins and customer uptake.
Persistent Net Losses And Negative Cash FlowOngoing losses and negative operating and free cash flow require recurring external funding, which dilutes shareholders and diverts management focus to financing. Structurally, sustained cash burn limits ability to scale projects and increases vulnerability during tighter capital markets.
Rising Debt And Declining Equity Increase LeverageAn increase in debt alongside shrinking equity raises financial leverage and fixed obligations. Higher leverage reduces balance sheet flexibility for project financing, increases refinancing risk, and can constrain the company's ability to pursue capital‑intensive commercial rollouts.