Large Operating LossesPersistent, large operating losses materially weaken profitability prospects and erode capital over time. Without a clear and timely path to narrowing losses, continued negative EBIT risks requiring external financing, constraining strategic options and increasing shareholder dilution risk.
Sustained Cash BurnDeep negative operating and free cash flows indicate the business is consuming cash faster than it generates it. This creates structural funding risk over the medium term, forcing reliance on capital markets or dilution and limiting the company's ability to invest in commercialization or weather slower growth periods.
Very Low Revenue Scale Vs CostsRevenue remains small relative to fixed cost base and current losses, implying unit economics are unproven at scale. Until revenues grow materially, margin sustainability and operating leverage are uncertain, leaving the company exposed if customer acquisition slows or costs remain elevated.