Persistent Negative Cash FlowOperating cash flow has been negative annually and free cash flow remains a material burn despite some 2025 improvement. Sustained outflows require ongoing external funding, increasing dilution risk and limiting the company’s ability to self‑fund capex until projects produce positive, recurring cash generation.
Loss‑Making Operations & Small, Volatile RevenueRevenue remains tiny and uneven while gross profit turned negative and operating losses are large. The company is still development‑stage: absent a durable, scalable revenue stream and stable margins, profitability and returns on capital are distant, necessitating prolonged investment before breakeven.
Rising Leverage And Debt DependenceDebt has increased materially and debt/equity rose substantially, raising fixed obligations and refinancing risk. Higher leverage reduces financial flexibility, magnifies downside if project timelines slip, and increases the likelihood of covenant pressure or costly additional funding while losses persist.