Sustained Negative Cash FlowPersistent negative operating and free cash flow erodes liquidity and forces reliance on external funding or asset sales, constraining investment and operational flexibility. Over months, continued cash burn heightens refinancing risk and limits ability to capitalize on opportunities.
Persistent Unprofitability (2021–2024)Multi-year operating losses indicate the business model is not yet generating sustainable returns on capital. Continued negative profitability undermines shareholder value creation, hampers reinvestment capacity, and complicates management's ability to fund a durable turnaround without external support.
Sharp Revenue Decline In 2024A dramatic drop in revenue sharply reduces scale, weakens pricing power and operating leverage, and raises the bar for recovery. Structural revenue loss makes restoring margins and cash generation harder, increasing the risk that operational fixes will be insufficient without new contracts or market recovery.