Persistent LossesOngoing net losses and negative operating earnings are a structural concern: they prevent internal funding of growth, erode equity and limit reinvestment. Until profitability is achieved, the company remains dependent on external capital, raising dilution and refinancing risk.
Sharp Leverage IncreaseA jump to ~5.9x debt/equity materially increases refinancing and interest-rate risk. High leverage coupled with losses constrains strategic flexibility, raises default/dilution probability, and elevates the cost of capital, making sustained recovery harder without operational turnaround.
Revenue VolatilityRepeated revenue volatility and prior zero-revenue periods indicate inconsistent commercialization or market demand. This undermines forecasting, prevents predictable margin expansion, and raises execution risk for scaling the business even if recent revenue gains continue.