Sharp Revenue Decline And VolatilityA ~30% revenue decline in 2025 erodes scale needed to cover fixed R&D and commercial costs. Persistent top-line volatility reduces forecasting accuracy, hampers margin expansion, and makes execution of medium-term recovery plans harder without sustained demand improvement.
Structural Unprofitability And Persistent Operating LossesLarge, ongoing operating and net losses signal the company has not yet achieved a sustainable cost-to-revenue profile. Continued losses erode equity and limit internal funding for commercialization and innovation absent meaningful margin or revenue improvements.
Weak Cash Generation And Rising Cash BurnNegative operating and free cash flow, with a sharp 2025 deterioration, increase reliance on external financing. Cash burn constrains the company’s ability to sustain commercial expansion or fund trials, raising execution and liquidity risks over the medium term.