Persistent Negative Cash FlowOperating and free cash flow are negative across all years, including about -2.4M in 2025, creating ongoing cash burn. Continued negative cash flow forces reliance on external funding, limits reinvestment in distribution and R&D, and raises execution risk if cash generation does not improve.
Severe Equity Erosion And Negative ROEMaterial erosion of shareholder equity and deeply negative ROE reduce the balance-sheet buffer available to absorb losses. This weakens solvency, increases the likelihood of dilution or difficult financing terms, and constrains strategic flexibility during scaling.
Large Operating And Net Losses; Far From BreakevenDespite revenue and gross-margin improvements, the company still reports very large operating and net losses (net margin ~-132% in 2025). This indicates fixed costs and overhead far exceed current scale, implying a lengthy path to breakeven and sustained funding needs that could impede long-term execution.