Persistent Cash BurnLarge negative operating and free cash flows indicate the business is still cash consuming despite revenue emergence. Continued burn requires recurring financing, raising dilution and refinancing risk, and limits the company's ability to self-fund growth until operating cash flow turns sustainably positive.
Very Large Operating LossesOperating losses far exceed current sales, showing the cost base is well ahead of commercialization scale. This structural imbalance means profitability is remote without significant expense discipline or faster revenue scaling, pressuring returns and strategic optionality over the medium term.
Rising Debt & Funding RiskMaterial debt increases in 2025, combined with ongoing negative returns, raise refinancing and interest burden risks. Higher leverage narrows financial flexibility, may force dilutive capital raises or costly debt, and elevates execution risk if revenue growth or cash generation disappoints.