Persistent Net LossesRecurring net losses from 2020 through 2025 indicate the business has not yet established a repeatable, profitable revenue model. This undermines internal cash generation, increases reliance on external capital, and limits the firm's ability to fund growth without dilution or higher leverage.
Negative Cash FlowConsistently negative operating and free cash flow mean the company regularly consumes capital to operate and advance projects. Persistent cash burn elevates execution risk, forces ongoing external financing, and can delay project delivery or growth if new funding becomes expensive or scarce.
Rising LeverageMaterial debt growth to roughly $11.9M while equity has declined increases balance-sheet risk. Higher leverage combined with ongoing losses constrains financial flexibility, raises interest and refinancing exposure, and can limit the firm's ability to pursue or finance new projects sustainably.