Structural UnprofitabilityNegative gross margins and persistently deep operating/net losses across reported years indicate structural unprofitability. Without demonstrable gross-profit recovery or a clear path to scale revenue, losses will likely continue, eroding capital and constraining reinvestment capacity over the medium term.
Chronic Negative Cash FlowConsistent negative operating and free cash flow, with accelerating cash burn in 2025, signals the business is not self-funding. This raises the probability of external financing needs, shareholder dilution, or dependence on partners, increasing execution and liquidity risk over the next several quarters.
Small, Declining And Volatile RevenueVery small, volatile revenue that declined in 2024–2025 undermines operating leverage and the ability to absorb fixed costs. Lack of stable top-line growth delays margin expansion, weakens negotiating power with suppliers/customers, and heightens the need for recurring funding or restructuring to reach scale.