Very Large Operating And Net LossesNet margin near -95% shows the business remains far from break-even and dependent on external funding. Persistent large losses erode flexibility, delay reinvestment choices, and mean improvements in revenue or margin must be substantial and sustained to achieve durable profitability.
Persistent Negative Cash FlowConsistent negative operating and free cash flow, with FCF burn rising in 2025, creates ongoing liquidity pressure. This structural cash intensity increases reliance on external financing, constrains strategic optionality, and raises the risk of dilution or operational trade-offs if cash generation doesn't improve.
Stressed Balance Sheet And Dilution RiskPersistently negative equity limits financial flexibility and elevates refinancing risk. Shareholder approval to expand board issuance powers increases the likelihood of future equity raises, making dilution a structural financing channel and reducing non-dilutive options for closing the funding gap.