Negative EquityPersistently negative equity signals an eroded capital base and elevated insolvency risk, restricting access to non-dilutive credit and increasing lender/counterparty caution. Over months this limits financial flexibility, raises refinancing risk, and can force dilutive capital raises.
Chronic Cash BurnRepeated negative operating and free cash flows denote structural cash burn, creating dependence on external financing or partners. This reliance raises execution risk: funding timing, dilution, or project delays are probable unless cash generation improves or secured partner financing materializes.
Deep UnprofitabilityDespite revenue growth, negative gross profit and heavily negative margins reflect an unstable cost structure and lack of operating leverage. Without clear margin improvement or cost control, sustainable profitability is uncertain, constraining long-term capital formation and project advancement.