Very Small And Concentrated Revenue BaseRevenue scale is insufficient to absorb fixed operating costs; persistent large losses indicate the business remains pre-commercial. Until product sales meaningfully replace R&D services, margins and cash generation will stay weak, constraining reinvestment and making profitability contingent on successful scale-up.
Certification And Design Power Still UnmetCertification completion and achieving design output are structural gating items for fleet deployments. Delays or technical refinements raise execution risk, push out revenue recognition windows, increase unit costs, and could impair conversion of LOIs and military opportunities into durable contracted sales.
Negative Cash Flow And Potential Need For External CapitalSustained cash burn and a projected drawdown to ~$100M imply dependence on external financing to scale production. This creates dilution and execution risk; raising capital during commercialization could constrain margins, slow manufacturing ramp, or delay strategic investments if markets or terms are unfavorable.