Persistent Operating And Net LossesMulti-year operating and net losses with deeply negative margins show the business is not yet generating sustainable profits. Continued unprofitability erodes equity, constrains reinvestment, and forces reliance on external capital, undermining long-term viability if trends persist.
Consistent Cash BurnPersistent negative operating and free cash flows indicate the company cannot self-fund operations or capex. Ongoing cash burn increases financing needs, raises dilution or refinancing risk, and limits the firm's ability to invest in growth or respond to shocks over the medium term.
Reliance On Equity Funding; Weak ROEWeak and volatile equity trends plus negative ROE imply past losses have diluted shareholder value and the firm may need further equity raises. Reliance on equity financing risks dilution, can compress per-share economics, and signals limited internal capital generation capacity.