Severe Revenue Decline And Persistent UnprofitabilityA near‑total revenue decline and multi‑level negative margins indicate deep operating leverage shortfalls. Persistent losses erode retained earnings, limit reinvestment capacity, and force reliance on external funding or grants, impairing the company's ability to execute commercial scale‑up without sustained capital support.
Negative Operating And Free Cash Flow; Cash Runway PressureDeclining cash and negative operating/free cash flow increase financing risk during a capital‑intensive scale phase. While grants and R&D tax credits help, the company must conserve cash or secure funding, which can slow commercialization, dilute shareholders or constrain production ramp timelines if not addressed.
Extended Timeline And Uncertainty To Monetise Goliath LicensingA multi‑year licensing timeline delays meaningful recurring revenue from Goliath and keeps material monetisation uncertain. Prolonged negotiations and pending external validation mean R&D and pilot costs persist, raising execution risk and lengthening the period before royalties or scale licensing materially bolster cash flow.