Worsening Cash BurnNegative and increasing operating/free cash flow raises durable liquidity risk. Continued cash burn forces reliance on external financing or capital raises to fund growth and regulatory work, which can dilute shareholders or limit investment if margins and working-capital trends don't improve.
Persistent UnprofitabilityDespite top-line and gross-margin gains, the company remains unprofitable with sizable operating and net losses. Without clear, sustained operating leverage, converting revenue growth into durable profits and free cash flow remains uncertain, stressing long-term viability.
Small Installed Base & Execution RiskThe installed base is still modest, so recurring revenues and utilization are volatile and sensitive to each new placement. Scaling requires significant sales, training and service investment; execution missteps or slower adoption would increase funding needs and strain resources.