Persistent Negative Cash FlowOperating and free cash flow have been negative each reported year, forcing reliance on external funding. Continued cash burn, even if improved in 2025, limits self‑funding ability and raises dilution risk, constraining investment in R&D, inventory build and commercial expansion over the medium term.
Unstable Balance Sheet / Negative Equity HistoryA history of negative equity and intermittent recapitalizations signals a fragile capital structure. That instability elevates the likelihood of future equity raises, weakens bargaining power with creditors, and reduces resilience to shocks, limiting financial flexibility during strategic scaling.
Nasdaq Listing Compliance RiskReceiving a Nasdaq notice for sub-$1.00 bid price creates a structural listing risk with a 180‑day remediation window. Potential delisting or remedial actions (reverse split, additional equity measures) could impair liquidity, increase cost of capital, and distract management from execution in the near term.