🚩 **Pre-revenue with unproven dispatch software** - entire thesis rests on unvalidated algorithms 🚩 **Single-manufacturer dependency** - what if Tesla changes API or stops supporting third-party control? 🚩 **No utility contracts signed** - without off-taker, you're speculating on wholesale market access 🚩 **Immature ancillary services market** - APAC/emerging markets lack competitive day-ahead structures 🚩 **Hardware bet on unproven chemistry** - sodium-ion, flow batteries, etc. vs proven LFP 🚩 **Undercapitalized for claimed deployment** - VPPs need scale, <$5M won't achieve meaningful MW 🚩 **No clear path to scale** - customer acquisition model doesn't pencil at 10,000+ devices