Consistent Negative Cash FlowPersistent negative operating and free cash flow means the business consumes cash rather than funds itself, creating structural dependence on external financing. Free cash flow worsened in 2025 (down ~13% YoY), which heightens funding risk and constrains sustained investment in growth initiatives.
Ongoing Losses And Weak MarginsRecurrent operating and net losses indicate the core business is not yet self-sustaining. Deep negative margins limit retained earnings, slow balance sheet recovery, and reduce reinvestment capacity for commercial scaling—a structural impediment to achieving durability without material revenue improvement or cost restructuring.
Contracting Equity And Asset BaseMaterial shrinkage in equity and assets over multiple years reflects accumulated losses eroding the balance sheet. This long-term capital depletion increases the likelihood of dilutive or expensive financing, undermines resilience to shocks, and raises strategic constraints on pursuing larger partnerships or internal scale-ups.