Low Stated Leverage / Zero DebtReported zero debt in 2025 and generally low stated leverage reduce interest burden and financing costs, preserving optionality. For the next 2–6 months this structural conservatism improves solvency flexibility and makes external capital raises less immediately urgent, though negative equity remains a caveat.
Historically Solid Gross MarginStable solid gross margins across 2022–2024 imply the company has maintained healthy unit economics pre-crisis. If revenue recovery occurs, these margins provide a durable pathway to profitability because cost of goods sold appears controllable, enabling operating leverage as volumes scale back up.
Improving Cash Burn TrendOperating and free cash flow remain negative, but the documented improvement versus earlier years indicates progress on cost control or working capital. This trend, if sustained, materially extends runway and increases the chance the business can reach self-funding or require smaller external raises over the medium term.