Dilution-funded growth: the cash waterfall behind the Air refresh
Negative gross
& operating margins
Every vehicle sold
every ramp consumes cash
raises burn
funding manifold
PIF / Ayar
Series C preferred
related-party
subscription
debt
external borrowings
$1.4B plan
internal margin fix
liquidity
runway into 2027
plan throttles burn
Gravity ramp +
delayed mid-size
'27 need more capital
operating cash burn
-$1.22B Q2 '26 OCF
runway into 2027
profitability
late decade
liquidity buys runway
the dilution loop
value ahead of
existing holders
cash out / negative margins
capital in / liquidity
lever / conditional runway
locked target
Reset all valves