Material Cash Burn In 2025Deep negative operating and free cash flow in 2025 indicates significant cash-burn risk and that operating results do not convert to liquidity. Over a 2–6 month horizon this raises the need for external funding, which can dilute equity or constrain strategic options if access is limited.
Widened 2025 Net LossA materially larger net and operating loss in 2025 shows the company has not yet reached stable earnings power. Persistent losses limit the ability to reinvest internally and to compound equity value, increasing reliance on capital markets or partners to sustain growth.
Volatile Historical Cash GenerationHigh volatility in cash flows undermines forecasting, complicates working-capital management, and raises the effective cost of capital. Structural variability—likely from credit exposure and funding timing—makes scaling and partnership negotiations riskier over a multi-month horizon.