No Meaningful Revenue And Persistent LossesThe company has effectively no revenue while reporting sizable net losses, reflecting lack of operating cash generation and limited commercial scale. Over months this structural lack of revenue undermines the ability to become self-funding and heightens dependency on external capital.
Negative Cash GenerationConsistently negative operating and free cash flow means the business is not generating internal funding for operations or growth. This persistent cash burn forces recurring external financing, increasing dilution risk and creating execution risk if markets or lenders tighten.
Equity Erosion And Deeply Negative ROEDeclining shareholder equity combined with a deeply negative ROE signals ongoing value erosion from losses. Over a multi-month horizon this weakens the balance sheet cushion, limits strategic flexibility, and raises the probability of dilutive capital raises to sustain operations.