Persistent UnprofitabilityConsistent multi-year losses and extremely negative net margins indicate the current business model is not generating sustainable unit economics. Without material revenue improvement or structural cost reduction, the company cannot self-fund growth, forcing dependency on external capital over the medium term.
Sharp Revenue DeclineA ~36% top-line drop signals loss of traction or market execution problems. Declining revenues reduce operating leverage, worsen per-unit economics, and make recovery harder without product changes or new distribution. This structural weakness raises medium-term execution risk.
Chronic Negative Operating Cash FlowOngoing negative operating cash flow and worsening free cash flow mean the business burns cash even after accounting adjustments. That chronic cash deficit forces repeated financing, dilutes existing holders, and constrains investment in product, sales, or compliance — a material medium-term risk if not addressed.