Negative EquityNegative equity reflects cumulative losses exceeding net assets and indicates structural balance-sheet weakness. It constrains borrowing capacity, raises the likelihood of dilutive equity raises, and limits strategic flexibility to invest in commercialization without costly recapitalization.
Negative Operating Cash FlowPersistent negative operating cash flow shows the company cannot currently fund operations from core activities. Continued cash burn makes the business dependent on external financing, increasing dilution risk and creating execution uncertainty if funding access tightens.
Persistent Losses & Margin PressureOngoing net losses and negative EBIT margins indicate core operations are not yet profitable. Without converting strong revenue growth into positive operating margins, the company faces chronic loss dynamics that may force structural cost cuts or inhibit scalable commercialization.