Pros
•Received $7.5M upfront from its first $32.2M customer contract.
•First enterprise customer is live and generating revenue.
•Cash increased from $0.7M to $10.3M after year-end.
•Estimated annual revenue run rate of $21M–23M.
•Qualified pipeline exceeds $200M (not yet signed).
•ALPHA-02 expected to go live in Q3 2026.
•Target gross margins of 20–25%.
•Fully transitioned into an AI infrastructure company.
Cons
•Reported a $38.6M net loss.
•Included a Going Concern warning.
•$200M pipeline is not guaranteed revenue.
•$43M Vertical Data financing is still pending.
•Raised cash partly through ATM share sales (share dilution).
•Still an early-stage company that must execute and win more contracts.