Persistent Large Operating LossesNet margin around -196% and negative EBIT/EBITDA show losses are deep and persistent. Such structural unprofitability erodes reserves, forces ongoing external financing, and constrains reinvestment; until profitability is consistently achieved, business sustainability remains uncertain.
Ongoing Negative Cash GenerationChronic negative operating and free cash flow means the company depends on external capital to finance operations and growth. Continued reliance on markets or dilution risks limiting strategic options and could slow development/commercial rollouts if funding conditions tighten.
Equity Erosion And Weakened Capital BaseMaterial declines in equity from prior years reflect cumulative losses that shrink the capital buffer. A weakened capital base reduces financial resilience, may raise borrowing costs, and increases the likelihood of future dilution as the company raises funds to support development and commercialization.