Large Ongoing Net LossesA net loss of roughly 264M in 2025 shows operating costs far exceed current revenues, implying a multi-quarter path to sustainable profitability. Persistent large losses can erode capital, constrain strategic choices, and require recurring external financing.
Negative Operating And Free Cash FlowMaterial negative OCF and FCF (~-75M and -80M) reflect cash burn despite improving revenue. Continued negative cash conversion requires external funding, creating dilution risk or spending constraints that can limit R&D, commercial rollout, or competitive response.
Negative Returns On EquityA ROE near -33% signals the company is destroying shareholder capital currently. If persistently negative, poor returns undermine investor support and make accessing new capital more costly, impairing long-term strategic initiatives and growth investments.