Volatile, Shrinking RevenueA 62% YoY revenue decline and prior volatility indicate an unstable commercial base and weak demand predictability. Structural revenue instability undermines scaling, makes long-term planning difficult, and increases reliance on one-off sales or funding to cover fixed costs and product development.
Negative Shareholders' EquityEquity deterioration into negative territory materially weakens the balance sheet, reducing financial flexibility and increasing creditor scrutiny. Negative equity is a structural solvency signal that limits M&A or financing options and raises long-term viability concerns without capital injections.
Persistent Negative Cash FlowChronic negative operating and free cash flow means the business cannot self-fund operations or growth. Over the medium term this creates dependency on external capital, which can be dilutive or restrictive and constrains investment in commercialization and R&D needed for sustainable growth.