Pre-revenue ProfileAbsence of revenue over multiple years means the business lacks proven market sales, making its path to sustainable margins and unit economics uncertain. Long-term viability depends on successful commercialization; until then, the company remains exposed to execution and market-adoption risk.
Persistent Negative Cash FlowConsistent cash burn requires ongoing external funding, creating dilution and execution risk if capital markets tighten. Structural negative operating and free cash flows undermine the firm's ability to self-fund growth, capex, or commercialization, pressuring strategic options over many months.
Widening Operating LossesRapidly increasing operating losses erode equity and demonstrate weak operating leverage absent revenue. Persistent widening losses raise questions on cost control, scalability of operations, and the timeline to profitability, posing a structural challenge to long-term shareholder value creation.