Persistent Negative Gross Profit And MarginsNegative gross profit across multiple years means core unit economics are not yet proven. If direct costs continue to exceed revenue, the business cannot generate sustainable operating profits without material cost reductions, higher pricing power, or significant scale, which presents a structural profitability risk.
Ongoing Reliance On External FundingPersistent negative operating and free cash flows force reliance on external capital to fund operations and investment. Continued funding dependence increases dilution risk, constrains strategic flexibility and heightens vulnerability to tighter capital markets, undermining long-term financial independence.
Elevated Leverage Relative To EarningsHigh absolute debt (~€165m) and meaningful leverage alongside recurring losses reduce financial flexibility. Debt servicing and refinancing risk strain cash flow available for R&D and capex, and increase the likelihood that future growth requires costly financing or equity issuance, pressuring long-term execution.