Persistent UnprofitabilityChronic negative EBIT and net losses erode shareholder equity and limit internal funding for growth. Continued unprofitability raises the probability of future fundraising, dilution, or cost cuts, which can impede long-term investments in product development and market expansion.
Weak, Inconsistent Cash GenerationVolatile operating cash flow and repeated negative free cash flow indicate the business is not reliably self-financing. This increases dependence on external capital, raising execution and funding risk over the medium term and limiting ability to invest consistently in commercial scale-up.
2025 Operational Deterioration Raises Execution RiskA material year-over-year 2025 decline in gross profit and operating performance suggests structural issues—cost pressure, adverse mix, or execution failures. Such a deterioration can reverse prior gains in adoption and put sustained margin recovery and competitive position at risk.