Severe Revenue ContractionA ~91% revenue decline in 2024 is a critical structural weakness: it destroys scale economics, undermines channel relationships and reduces the firm's ability to absorb fixed costs. Restoring durable revenue is a prerequisite for any sustained margin recovery or investment program.
Persistent Negative Cash FlowChronic negative operating and free cash flow indicate ongoing cash burn and lack of self-funding capacity. Continued outflows force reliance on external financing or dilution, constrain R&D and commercialization spending, and increase long-term execution risk if cash performance doesn't improve.
Widening Losses And Poor ReturnsPersistent and widening net losses with negative ROE signal weak capital efficiency and poor profitability conversion. This degrades shareholders' equity, complicates fundraising, and implies the business model has not yet achieved the operating leverage needed to convert gross margins into sustainable net profits.