No RevenueThe company reports no revenue across all periods, a fundamental weakness that prevents validation of the business model and market demand. Without material sales, sustainable margins, unit economics, and long-term operating scalability remain unproven and risky over the medium term.
Persistent Negative Cash FlowConsistent negative operating and free cash flow indicates ongoing cash burn that outpaces internal resources. This structural funding gap forces repeated external financing, dilutes shareholders or limits execution, and poses a durable risk to continuity absent sustained improvement.
Large Recurring LossesSizable and recurring operating losses, and deeply negative returns on equity, reflect an inability to convert efforts into profitable operations. Over months this pressures cash reserves, increases financing needs, and undermines prospects for reaching profitable scale without material strategy changes.