Consistent Negative Operating/free Cash FlowPersistent and increasing negative operating and free cash flow is a structural weakness: cash burn rose materially into 2025, implying ongoing dependence on external financing. Until revenue or asset monetisation occurs, continued cash deficits will pressure liquidity and likely cause dilution or costly capital raises.
Pre-revenue With Sustained LossesA multi-year pre-revenue profile with negative gross profit and repeated net losses indicates limited operating scale and that core activities are not yet revenue-generating. This structural state prolongs reliance on capital markets and increases execution risk before the business can self-sustain from operations.
Material Erosion Of Equity And Historical Balance StressSubstantial contraction in equity over recent years and historical periods of negative equity reflect value erosion from losses or dilutive funding. This structural deterioration reduces financial resilience, can limit future fundraising terms, and signals recurring capital shortfalls that impair long-term shareholder value.