Zero Reported RevenuePersistent zero revenues indicate the business remains pre-commercial, so long-term value hinges on successful productisation and customer adoption. Until recurring sales begin, the company faces execution risk and must rely on external funding to bridge R&D to revenue.
Widening Losses And Negative Gross ProfitGrowing net losses and persistently negative gross profit signal the company's cost base and unit economics are not yet viable. Over time this erodes equity, increases fundraising frequency, and raises the bar for profitability even after commercial launch.
Persistent Negative Operating Cash FlowContinuous operating cash deficits create structural funding dependence. Reliance on external capital risks dilution or constrained growth if markets or investor appetite tighten, making long-term execution contingent on repeated successful financing rounds.