Negative Operating Cash FlowPersistent negative operating and free cash flow (2025 OCF ≈ -$6.6M) reflects structural cash burn. Continued outflows mean the business will remain dependent on external financing, limiting strategic flexibility and making multi-quarter scaling riskier unless cash generation improves.
Deep Losses / Unit EconomicsA slightly negative gross profit in 2025 and an extreme net margin indicate core unit economics are currently unsustainable. Without structural improvements to pricing, costs, or scale efficiencies, profitability is unlikely in the near term, undermining self-funded growth.
Reliance On Equity Financing / Dilution RiskRecent warrant inducement and expanded equity incentive capacity show dependence on equity-linked financing. Ongoing capital raises and option issuance create dilution risk and a financing overhang that can pressure shareholder value if operating losses persist.