Developing artificial intelligence solutions & products.
Razor Labs proved in 2025 that it can scale one anchor customer and improve gross margin, but it still has not proved that beyond that customer it has a broad enough commercial model to offset customer concentration, cash erosion, and the move into negative equity.
Razor Labs still shows a workable year-end cash balance on paper, but real funding flexibility is much tighter because customer advances are doing part of the balance-sheet work that equity should be doing, while the core business still burns cash.
Razor Labs’ global-customer deal is not one USD 78.1 million order, but a deployed base that already generates revenue, a new binding minimum of about USD 18.1 million, and a much larger expansion envelope that still depends on customer decisions over time.
