Persistent Negative Cash FlowOperating cash flow has been negative consistently and free cash flow worsened in 2025, indicating ongoing cash burn. This reliance on external funding constrains the company's ability to invest in commercialization, increases dilution risk and limits strategic optionality until cash conversion improves.
Minimal, Inconsistent RevenueRevenue remains negligible and sporadic, preventing scale economies and steady margin expansion. Low top-line traction undermines the business case for broader roll-outs, slows credibility with larger industrial customers and delays the shift from trial projects to recurring commercial income.
Structural Unprofitability And Negative MarginsDeep negative gross profit and persistent net losses demonstrate that unit economics are currently unproven. Continued erosion of returns on equity can pressure the balance sheet, make partner investment less likely and require material improvement in margins or scale to achieve sustainable profitability.