Negative Free Cash FlowPersistent negative free cash flow, despite operating cash flow recovery, signals capital intensity and working capital needs. This raises funding risk for continued capacity expansion and SGI investments, potentially forcing external financing or slower organic reinvestment if conditions tighten.
SGI Commercialization RiskSGI (Kosmo, actuation modules) is early-stage and loss-making, creating uncertainty around unit economics, pricing and scale-up timing. If commercialization stalls or margins underperform, SGI investment could continue to pressure consolidated profitability and cash flow for multiple quarters.
Blended ASP Decline And Mix PressureStructural mix toward lower-priced ADAS units reduces average selling price even as volumes rise. Without corresponding unit-cost reductions or higher-margin service/software uptake, revenue per unit and gross margins could be compressed, limiting revenue growth despite shipment scale.