Sustained Multi-year LossesFive consecutive years of operating and net losses point to a structural earnings problem rather than a one-off setback. Persistent deficits erode equity, restrict reinvestment, and increase dependence on external capital or dilution, undermining durable value creation absent a clear structural turnaround.
Severe Margin CompressionGross margin collapsing from 20%+ to about 4.5% signals weakened pricing power or higher unit costs. Such sustained margin erosion materially limits ability to convert revenue into profits, reduces buffer against cost shocks, and makes achieving scalable, sustainable profitability much harder without structural changes.
Chronic Negative Cash FlowOperating and free cash flow have been negative each reported year, with FCF deteriorating in 2025. Chronic cash burn constrains capital spending, R&D, and working capital flexibility, forcing reliance on external financing and heightening execution and solvency risks over the medium term.