Revenue CollapseRevenue dropping to zero is a fundamental red flag for the business model: it severs operating cash generation and may reflect lost customers, halted commercialization, or halted operations. Without recurring revenue, sustaining R&D, operations, and customer retention becomes heavily dependent on external financing.
Deeply Negative EquityA large negative equity balance (~-43.3m) materially weakens financial resilience and raises insolvency risk under continued losses. Negative equity constrains borrowing capacity, complicates capital raises, and increases reliance on dilutive or high-cost financing, limiting strategic flexibility over months ahead.
Persistent Negative Cash Flow And LossesConsistent operating and free cash flow deficits show the company cannot self-fund operations or growth. Ongoing cash burn necessitates repeated external funding, which can dilute shareholders, divert management focus to financing, and limit investment in commercialization or scale-up activities over the medium term.