Pre-revenue With Ongoing LossesThe company remains pre-revenue and records recurring operating losses, meaning the core business is unproven. Over the medium term this elevates execution and funding risk, since absent revenue the firm must rely on external capital to progress projects or pursue commercialization.
Negative Cash GenerationNegative operating and free cash flow show operations do not self-fund and the company relies on financing. Persistent negative cash generation constrains reinvestment, increases dilution risk from future raises, and limits the firm’s ability to execute multi-quarter plans without external capital.
Limited Visibility To ProfitabilityZero revenue across reported periods means there is no demonstrated path to scale or margin expansion. Even with cost reductions, lack of revenue visibility makes forecasting cash flow and return prospects uncertain, raising long-term execution risk for investors and lenders.