Negative Cash Flow & ProfitabilityMargins remain negative (~-7%) and the company is still a net cash user, with TTM operating and free cash flow deficits. Persistent cash burn constrains reinvestment in commercialization and R&D, increases dependency on external capital, and delays the timeline for sustained, internally financed profitability.
Weak Returns / Small Equity CushionAlthough equity is positive, its modest size and negative ROE show invested capital hasn’t produced returns yet. A thin equity base provides limited buffer against further losses or large investments, raising vulnerability to shocks and constraining the company’s ability to fund growth without dilutive financing.
Reliance On External FinancingThe pack explicitly notes the business is not self-funding and will likely need external financing or material cost/revenue improvements. Dependence on outside capital increases execution risk, potential shareholder dilution, and sensitivity to capital-market conditions over the medium term.