Negative Operating & Free Cash FlowPersistent cash burn constrains reinvestment and forces dependence on external financing. Over the medium term this limits the company’s ability to scale installations, expand service infrastructure, and absorb slower-than-expected adoption without dilutive or costly capital raises that could divert management focus.
Ongoing Net LossesDespite margin gains, sustained net losses and negative returns on equity indicate profitability is not yet durable. Continued operating deficits can impede investment in sales, training, and product development, and prolong the timeline to leverage fixed costs into positive net income.
Developed-Market Access UncertainGrowth remains concentrated in emerging markets while access to larger developed markets depends on pending regulatory approvals. Delays or failures in U.S./EU clearances would limit scale, cap pricing/margin expansion, and prolong reliance on smaller, price-sensitive markets for revenue growth.