Persistent UnprofitabilityOngoing negative net income and EBIT margins limit internal capital generation and weaken returns to shareholders. Persistent losses constrain the company's ability to self-fund expansion and increase dependency on external financing, raising execution and dilution risk over the medium term.
Negative Operating & Free Cash FlowConsistently negative operating and free cash flow mean the business is not yet cash-generative and relies on financing activity to sustain operations. This creates vulnerability if capital markets tighten and can delay commercialization timelines or force unfavorable funding terms.
High Losses Despite Margin ImprovementMarginal gross-margin improvements have been insufficient to offset scale-up costs, R&D, and SG&A, indicating operational inefficiencies. Without structural cost control or faster revenue conversion, profitability remains distant and growth may require continued external support.