Persistent LossesContinued deep operating losses erode retained capital and make profitable scaling uncertain. Without sustained margin improvement, losses force reliance on external financing, constrain reinvestment priorities and raise execution risk for expanding satellite operations and analytics commercialization.
Negative Free Cash FlowChronic negative free cash flow, despite an operating cash flow inflection in 2025, signals that capex and working-capital demands outpace core cash generation. This structural FCF deficit increases dependency on capital markets and could dilute shareholders or limit growth if external funding tightens.
Rising Debt BurdenMaterial debt growth raises leverage and interest obligations while returns remain negative. Elevated indebtedness reduces financial flexibility, increases refinancing and covenant risk, and makes the company more vulnerable to macro shocks if operational performance fails to improve.