Persistent Cash BurnSustained negative operating and free cash flow requires meaningful financing or drawdown of reserves to fund production scale-up and certification. Continued cash burn pressures long-term self-funding, increases dilution or refinance risk, and constrains strategic optionality.
Revenue Concentrated In R&D ServicesHeavy reliance on R&D/contract revenue leaves product-market fit and commercial economics unproven. With only ~10 early adopter units planned, meaningful scaling and stable product revenue remain contingent on field validation and repeatable customer adoption.
Certification & Scaling UncertaintyAlthough nonrecurring tests passed, per-unit certification and facility-level approval remain. These remaining steps and expected learning curves can delay unit qualification, increase per-unit cost, and slow conversion of LOIs into firm orders and revenue over multiple quarters.