Pre-revenue With Widening LossesPersistently negative results and a sharply larger net loss in 2025 show the business is not yet commercialized and is consuming capital faster. This structural earnings weakness impairs internal funding ability, keeps returns negative, and increases the need for external financing over months.
Accelerating Operating Cash BurnA more than doubling of operating cash outflows indicates rising spend not matched by revenue. Structurally higher burn shortens runway, forces more frequent capital raises, and raises execution risk for projects that need sustained funding to reach commercial scale within a 2-6 month horizon.
Reliance On External FundingOngoing negative cash generation and small asset equity base make the company dependent on external capital. Structurally this exposes operations to market conditions, increases dilution risk for shareholders, and constrains strategic flexibility if financing becomes costly or scarce.