Negative Cash FlowPersistent negative operating and free cash flows mean the business remains reliant on external financing or available liquidity to fund growth. Although burn has improved versus prior years, sustained outflows limit financial flexibility and increase refinancing or dilution risk if revenue ramps slip.
High Operating ExpensesRising SG&A and R&D spending are expanding operating losses despite revenue growth. A cost structure that outpaces near‑term revenue can delay sustainable profitability and positive cash flow, making the timing of expense leverage and execution critical to long‑term financial health.
Execution & Timing RiskBenefits from organizational changes, launch teams and pilots are back‑loaded into H2, creating execution risk. If commercial ramp or adoption lags, expected margin and revenue improvements may be delayed, increasing the chance that forecasted EBITDA inflection points slip to later periods.