Persistent Cash BurnSustained negative operating and free cash flow indicate the company continues to consume cash to fund R&D and operations. Over multiple years this creates reliance on external financing, increasing dilution risk and constraining the ability to invest opportunistically without consistent positive cash generation.
Negative Core ProfitabilityDeep negative gross profit and large operating losses show core operations are not yet structurally profitable. Reported net income gains appear driven by non-operational items, so without structural margin improvement the company will struggle to convert revenue growth into sustainable earnings or self-funded R&D.
Historic Leverage And Dilution RiskAlthough 2024 improved, the prior pattern of extreme leverage and negative equity highlights a recurring financing vulnerability. If losses persist, the company may again face high cost capital, frequent equity raises, or restrictive covenants, raising long-term dilution and execution risk for programs.