Persistent Cash BurnContinuous negative operating and free cash flow, which worsened in 2025 versus 2024, shows the company cannot self-fund operations. Ongoing cash burn forces reliance on external financing or dilution, undermining sustainability and increasing solvency risk over the coming months.
Minimal Revenue And Widening LossesNear-zero revenue combined with rapidly expanding net losses indicates the core business lacks scalable demand or profitable operations. Without structural revenue recovery, margins cannot be restored and continued losses will further erode capital and strategic options.
Eroding Capital Base Limits FlexibilityThe material decline in shareholders' equity reflects cumulative operating losses that weaken the balance sheet cushion. Continued erosion constrains borrowing capacity, increases reliance on dilutive funding, and reduces strategic flexibility over a multi-month horizon.