Persistent Negative Free Cash FlowConsistent negative free cash flow undermines self-funded growth and increases reliance on external financing. Weak cash conversion from income constrains capital for equipment production, customer installations and slows reinvestment into scaling commercial operations.
Inconsistent Revenue GrowthVolatile top-line performance reflects timing risk of industrial projects and uneven commercial uptake. Inconsistent revenues make forecasting and capacity planning difficult, raising the risk that fixed costs will pressure margins during slower periods.
Commercialization And Scale RiskBusiness depends on converting pilot work into full-scale industrial deployments. That requires execution capacity, long sales cycles and customer validation; with ~55 employees, scaling project delivery and after-sales support may be constrained, raising execution risk.