Pre-revenue, Loss-making ProfileLacking recurring sales and generating negative operating results means the business has not validated its commercial model. Over the medium term this forces reliance on financing, increases execution and dilution risk, and makes sustainable margin improvement and investor returns contingent on successful commercialization.
Persistent Operating Cash BurnConsistent negative operating cash flow indicates core activities are consuming cash rather than generating it. That persistent burn reduces runway, fosters dependence on non-operating cash sources, and means headline FCF gains may not reflect durable operating strength absent a sustained shift to positive operating cash generation.
Negative Returns And Inconsistent ProfitabilityA slightly negative ROE and uneven net income history show the enlarged capital base is not producing returns. Positive EBITDA alongside negative EBIT suggests non-operating items or accounting effects are masking core weaknesses; until operations deliver sustainable profits, shareholder value creation remains uncertain.