Pre-Revenue StatusRemaining pre-revenue means no operating cash inflows to validate the business model, leaving the company highly execution-dependent. Over the next several months this structural absence of revenue elevates financing, operational, and commercialization risk until sales or production begin.
Heavy And Worsening Cash BurnSustained operating cash outflows (~-$45M TTM) and free cash flow (~-$47.6M) create a persistent funding gap that will require external capital. This level of burn increases dilution risk, compresses strategic options, and poses a durable constraint until cash generation improves.
Escalating Net LossesNet losses have accelerated materially (about -$57.6M TTM versus -$42.4M in 2024), signaling rising costs or intensified project spending without revenue offsets. This trend raises medium-term fundraising needs, increases balance-sheet volatility, and heightens execution risk until revenue emerges.