Zero Reported RevenueRecording zero revenue in FY2025 is a structural concern: the core business is not generating sales, so the company relies entirely on financing and asset development to create future cash flows. Prolonged no-revenue status materially raises execution and market-adoption risk.
Persistent Cash BurnOperating and free cash flows are materially negative, and free cash flow has deteriorated versus prior year. Cash burn exceeds reported losses, shortening runway and increasing dependence on external capital; this elevates dilution and refinancing risk over the medium term.
Widening Losses And Negative ReturnsNet losses have widened and ROE is deeply negative, signaling persistent inability to generate returns on invested capital. This undermines shareholder value, increases pressure for restructuring or further capital raises, and makes it harder to attract long-term investor support until profitability improves.