Negative EquityPersistent negative equity from accumulated losses materially weakens the balance sheet, constrains borrowing capacity and elevates insolvency and refinancing risk. Negative net worth undermines counterparty confidence and limits strategic options over the coming months without capital support.
Sustained Cash BurnConsecutive negative operating and free cash flow through 2022–2025 signals structural cash burn that depletes reserves and forces reliance on external funding. This reduces ability to sustain operations, invest in sales capability, or weather prolonged weakness without new capital.
Revenue Collapse And Loss-makingA dramatic revenue collapse alongside multi-year losses shows the core sales model is fragile and highly volume-sensitive. Revenue volatility and negative margins mean profitability depends on an uncertain recovery in developer activity, weakening margin sustainability and lender confidence.