FundingNIH funding in FY25 is already behind by approximately $1.5 billion, leading to concerns about year-end spending.
Market ConditionsOil and gas prices, changes to global deflationary environment leading to equipment oversupply and pricing pressures, which can negatively impact margins, FCF generation.
ProfitabilityNew product ramp up could weigh on Piotech's near-term profitability and take time to recover.