Negative Free Cash FlowDespite improvement, free cash flow remained negative (~-C$0.12M) in 2025, meaning operations do not yet self-fund. Persistent negative FCF requires external capital or dilution to sustain growth and R&D, constraining long-term strategic choices until positive cash generation is achieved.
Weak Profitability / Negative ReturnsNegative ROE and operating losses indicate the company is not generating sufficient returns on capital. This limits internal capital formation, hinders reinvestment capacity, and raises the bar for achieving durable margins as revenue scales, prolonging reliance on external funding.
Small Scale And VolatilityGrowth is from a very small base and equity has been volatile, reflecting early-stage execution risk. Small scale makes margins and cash generation lumpy, increases sensitivity to single-product or customer outcomes, and elevates the impact of any operational setbacks on long-term financial durability.