Effectively No RevenuePersistently negligible revenue means the core business has not demonstrated product-market traction. Without sustained sales, operating leverage cannot improve, making profitability unlikely in the medium term and forcing reliance on external funding to sustain operations.
Widening Net LossesExpanding losses indicate the company is consuming shareholder capital faster over time. This structural trend erodes retained equity, raises the likelihood of future dilutive capital raises, and signals underlying operational or commercial weaknesses that persist absent clear revenue growth.
Persistent Negative Operating And Free Cash FlowChronic negative operating and free cash flow means the business is structurally cash consumptive and must rely on external financing to continue. Over months this increases financing risk, potential dilution, and limits capacity for investment or scaling until cash generation improves.