Persistent Operating LossesDeep, recurring operating losses erode retained capital and limit the company's ability to self-finance expansion. Prolonged negative profitability increases reliance on external funding, risks shareholder dilution, and delays the transition to sustainable free-cash-generation needed for long-term independence.
Consistently Negative Free Cash FlowPersistently negative free cash flow, worsening in 2025, signals that operating cash improvements have not offset heavy capex and working-capital needs. Ongoing negative FCF raises funding risk, constrains reinvestment without new capital, and makes the business vulnerable if financing conditions tighten.
Rising Debt BurdenMaterial debt growth alongside ongoing losses raises leverage and interest-service risk. Higher debt limits strategic flexibility, can increase borrowing costs, and heightens default or refinancing risk if cash generation fails to improve, undermining long-term investment plans in a capital-intensive satellite business.