No Recent RevenueA prolonged absence of revenue indicates the company remains non‑producing or pre-commercial, undermining the core business model. Long-term viability depends on converting projects to revenue, so continued zero sales forces reliance on external capital and increases execution risk.
Persistent Negative Cash FlowSustained negative operating and free cash flows create ongoing cash burn and a structural funding requirement. Over months this limits capital allocation to growth, makes progress contingent on external financing, and raises dilution and refinancing risk for shareholders.
Shrinking Equity And Negative ROEErosion of shareholders' equity and negative ROE reflect persistent value destruction, weakening the company’s capital base. This durable deterioration heightens the probability of future capital raises, dilutive events, and diminished investor confidence if profitability is not restored.