1. Cash burn is ridiculously high. Will be forced to raise capital before year end.
2. 2 years away from cash flow positive business, at best.
3. Business becoming extremely competitive, especially their industrial business.
4. Not even close to enough electric cars on the road to support their "recurring revenue" business model, even if you assume sell-side projected electric car growth over the next 3 years.
5. Following Panalta's recommendations is the kiss-of-death. See ZOOG and PRMW.