Persistent And Large Net LossesWidening multi-year net losses far exceed current revenue, eroding shareholder equity and forcing reliance on external funding. Structural profitability remains unproven; without durable margin improvement, losses can impede reinvestment and long-term viability over several quarters.
Negative Operating And Free Cash FlowChronic negative operating and free cash flow indicate the business consumes cash to sustain operations and growth. This structural cash burn increases dependency on financing, limits reinvestment capacity, and raises execution risk if external capital becomes constrained.
Dilution And Control Risk From VisionWave DealThe staged transaction could cede majority ownership and board influence to VisionWave if milestones are met, creating execution and governance risk. Reliance on milestone-triggered funding and approvals adds structural uncertainty to strategy, capital access, and long-term independence.