Negative Operating And Free Cash FlowPersistent negative operating and free cash flows materially weaken liquidity and constrain the company's ability to self-fund operations, R&D, or commercial expansion. This increases dependence on external financing or asset dispositions and elevates medium‑term solvency risk.
Ongoing Net Losses And Weak ProfitabilityNegative EBIT and net margins show the company cannot yet cover operating expenses despite high gross margins. Sustained losses erode equity, depress ROE, and limit reinvestment capacity, making durable profitability contingent on meaningful cost reductions or revenue scale-up.
Material Arbitration Awards And Governance RiskLarge arbitration liabilities and an active fraud probe create significant balance-sheet, legal, and governance uncertainty. Potential cash outflows, contested tribunals, and leadership culpability can impair operations, deter financing, and may void or delay strategic deals, posing lasting downside risk.