Rising LeverageA pronounced increase in leverage raises interest and refinancing risk, reducing financial flexibility if operating performance weakens. Higher debt amplifies downside in slower demand periods and constrains capital allocation choices for R&D, capex, or international rollouts unless sustained cash generation continues.
Fragile Operating ProfitabilityNet profit was aided by non‑operating items, but core operating losses persist. This indicates operating leverage and cost structure have not fully matured; if revenue growth slows, margins could reverse and threaten cash generation, making truly sustainable profitability dependent on continued mix, cost and volume gains.
Ambitious Roadmap & Regulatory Execution RiskAggressive product, autonomy and humanoid-robot timelines require large ongoing R&D, supply chain scale-up and regulatory clearances. Execution shortfalls, infrastructure/capacity constraints or slow regulatory approvals could inflate costs and delay monetization, pressuring margins and cash if multiple initiatives compete for capital.