Deep, Persistent Operating LossesPersistent negative gross profit and large operating losses indicate the core business is not yet viable at scale. Continued erosion of profits depletes equity, forces reliance on external funding, and undermines reinvestment capacity, posing a lasting threat to long-term viability if not reversed.
Sharp, Multi-year Revenue DeclineA roughly 43% TTM revenue decline and multi-year shrinkage erode scale economics and make cost recovery harder. Structural top-line contraction limits ability to achieve gross margin improvements or operating leverage, increasing the probability of sustained losses absent a clear recovery in demand or execution.
High Cash Burn And Reliance On External CapitalHeavy TTM cash burn (~-52.6M) and stated reliance on external capital create structural funding risk. Small equity buffers and ongoing negative cash flow increase dilution or insolvency risk over months, constraining long-term R&D, sales investment, and the ability to scale the IoT business model.