Negative Operating And Free Cash FlowPersistent negative operating and free cash flow indicates the business cannot self-fund growth or convert profits to cash. Over the medium term this necessitates external financing or dilutive raises, constraining investment pace and creating runway risk if financing conditions tighten.
Ongoing Net LossesDespite margin improvements, sustained negative EBIT/EBITDA shows operations are not yet profitable. This weakens return on capital and elevates the need for continued funding; absent durable operating profit, long‑term shareholder returns remain uncertain.
Revenue Volatility And Small ScaleSmall headcount and volatile revenue history point to limited operational scale and potential customer concentration. This makes meeting large defense OEM demands and scaling production/support across markets harder, keeping revenue lumpy and execution risk elevated.