No Meaningful RevenuePersistent absence of revenue indicates the technology has not yet generated commercial cashflows. Over the next several months this limits proof of market demand, weakens negotiating leverage with partners, and delays transition from development to self-sustaining operations.
Consistent Negative Cash FlowOngoing cash burn requires repeated external funding or monetisation events. Even with improved burn in 2025, negative operating and free cash flow constrain ability to fund pilots, scale deployments or absorb delays, raising dilution and execution risk in the medium term.
Rising Leverage And Shrinking EquitySharp erosion of equity and higher debt-to-equity materially reduce financial flexibility. With negative earnings and limited revenue, higher leverage increases refinancing and counterparty risk, potentially impeding new project financing or licensing deals over the coming months.