High And Worsening Cash BurnPersistent and increasing negative operating and free cash flow (~-$42.6M in 2025) creates structural dependence on external financing. Over multiple quarters this reduces runway, constrains strategic flexibility, and elevates dilution or refinancing risk if cash burn is not materially curtailed.
Large Operating Losses & Negative MarginsDespite rapid revenue growth, the company remains loss-making with deeply negative operating and net margins. Without consistent operating leverage or clear path to positive margins, profitability risk is structural and could persist through 2-6 months absent material expense or business-model changes.
Rising Leverage And Financial RiskIssuing ~$38M of debt after years of no leverage increases fixed obligations and refinancing exposure. Combined with negative returns and cash burn, higher leverage narrows the margin for error and raises the chance that future financing terms or covenants constrain strategic options.