Persistent Cash BurnOperating and free cash flows are consistently negative and worsening, meaning the company consumes capital rather than generating it. Intensified 2025 cash burn shortens runway, increases reliance on external funding, and materially raises execution risk over coming months.
Eroding Equity BaseSustained losses have materially reduced shareholders' equity, weakening the capital buffer. A shrinking equity base limits strategic flexibility, raises dilution risk if capital is raised, and signals durable difficulty restoring financial strength in the near term.
Deep Unprofitability & Margin CompressionSevere margin compression and roughly -69% net margin show the business is far from break-even. Such deep unprofitability undermines cash generation and means meaningful margin restoration or sustained high revenue growth is required to reach durable profitability—both multi-month challenges.