Minimal And Declining RevenueThe current revenue base is extremely small and falling, leaving fixed costs and development expenses vastly outpacing commercial receipts. Absent a sustained and rapid increase in flight deliveries, this weak top line prevents operating leverage, making durable margin improvement unlikely within the near term.
Heavy Cash Burn And Negative Free Cash FlowLarge and persistent negative operating and free cash flow create continuous financing requirements and restrict reinvestment capacity. This structural cash consumption raises refinancing and dilution risk, forcing tradeoffs between funding operations, fleet build, and servicing liabilities during the commercial scale-up period.
Elevated Leverage And Declining Asset BaseMeaningful leverage for a pre‑profit company reduces financial flexibility and raises refinancing risk, especially with material debt maturing beyond 2027. The shrinking asset base weakens collateral and constrains options for non‑dilutive financing, increasing dependence on equity or costly debt as operations scale.