Severe Revenue Decline & VolatilityA small, highly volatile revenue base (down ~71% in FY2025) undermines predictability and scale economics. Structural revenue instability limits the company's ability to absorb fixed costs, negotiate long-term contracts, and invest in growth, making durable recovery and planning difficult.
Widening Losses And Negative MarginsMaterially wider net losses and deep negative margins (-35.8% net margin) indicate the business is burning shareholder capital rather than creating value. Persistent negative profitability erodes equity, restricts reinvestment capability, and increases reliance on external funding to sustain operations.
Consistent Negative Cash GenerationConsistent negative operating and free cash flows create an ongoing cash burn that threatens runway and strategic flexibility. Even without debt, persistent cash outflows will force dilutive raises or asset disposals, limiting the firm's ability to finance growth or withstand prolonged low-demand periods.