Persistent Multi-year LossesNet losses every year from 2020–2025 and deeply negative 2025 operating results indicate structural unprofitability. Sustained losses erode margins and strategic flexibility, making it difficult to invest for growth or withstand shocks without meaningful operational change or external capital.
Negative Shareholders' EquityNegative shareholders' equity across 2023–2025 reflects accumulated losses that weaken the capital structure, constrain borrowing capacity, limit access to capital markets, and elevate insolvency risk. This structural weakness reduces options for strategic investment or turnaround funding.
Recent Operating Cash BurnThe reversion to negative operating and free cash flow in 2024–2025 demonstrates renewed cash burn and weak cash conversion. Persisting outflows materially increase reliance on external financing, heighten dilution or creditor pressure, and limit capacity to sustain operations or invest in improvement.