Persistent Losses And Shrinking RevenueThe company has incurred net losses every year from 2020–2025 while revenue fell ~19% in 2025. Ongoing top-line weakness erodes operating leverage and makes fixed-cost absorption harder, undermining the structural path to sustained profitability and forcing continued reliance on external funding.
Materially Negative Shareholder Equity And High LeveragePersistently negative shareholder equity since 2021 and sizeable debt relative to assets create elevated solvency risk. Negative equity limits financial flexibility, raises lender and counterparty concerns, and constrains the company’s ability to raise affordable capital or pursue strategic investments.
Weak Cash Generation And Ongoing Cash BurnOperating cash flow has been negative in most years and free cash flow remains negative, indicating the business is not self-funding. Continued weak cash generation increases refinancing and dilution risk, making long-term viability contingent on sustained operational turnaround or external capital injections.