Persistent Negative Cash FlowOperating and free cash flow have been negative across multiple years, indicating the business structurally consumes cash. This necessitates ongoing external funding, elevates dilution risk, and undermines sustainable self-funded growth over the medium term.
Minimal And Volatile RevenueVery small, irregular revenue and several zero-revenue years show the company lacks consistent commercial receipts. This weakens model durability, reduces operating leverage, and makes forecasting cash needs and achieving sustainable margins difficult over 2–6 months.
Shrinking Equity And Past Negative EquityMaterial declines in shareholders' equity and historical negative equity demonstrate structural capital strain. This reduces the balance sheet buffer, worsens creditworthiness, and increases the likelihood of future dilution or recapitalisation if losses persist.