No Reported RevenueNo revenue across reported periods indicates absence of operating scale or proven market demand. Without revenue generation, the business cannot self-fund growth, making long-term profitability and sustainable operations reliant on successful strategy shifts or continuous external funding.
Persistent Negative Cash FlowConsistently negative operating and free cash flow signals structural cash burn rather than operating cash generation. Persistent outflows deplete liquidity, force repeated financing, and restrict the ability to invest in product development or scale, raising medium-term solvency risk.
Negative Shareholders' EquityNegative equity and declining assets since 2022 materially weaken capitalization. This elevates solvency concerns, reduces strategic optionality, complicates future equity raises, and diminishes creditor protection—structural constraints on long-term financial flexibility.