No Revenue EngineReported zero revenue in FY2025 indicates the company lacks a sustainable revenue stream. Without recurring sales, ongoing losses must be financed externally, creating structural viability risk absent clear new products, contracts, or revenue initiatives.
Persistent Negative Cash FlowOperating and free cash flow remained materially negative, reflecting ongoing cash burn. Persistent negative OCF undermines internal funding capacity, heightens reliance on external financing, and constrains investment or turnaround initiatives over the medium term.
Weakened Balance Sheet / Higher LeverageDebt increased sharply while equity contracted, lifting leverage to roughly 1.1x. Higher leverage reduces financial flexibility, increases refinancing and covenant risk, and magnifies solvency concerns if losses and negative cash flow persist.