Persistent And Widening Net LossesRecurring, widening net losses erode shareholder equity and limit reinvestment capacity. Over the medium term this undermines sustainability unless losses are reduced or funding obtained, increasing dilution risk and constraining strategic initiatives.
Negative Operating & Free Cash Flow (cash Burn)Sustained negative operating and free cash flow mean the business consumes cash to operate and invest, forcing reliance on external financing or asset sales. This structural cash burn is a durable constraint on growth and increases financing and execution risk.
Uneven, Small And Declining Revenue BaseThe revenue base remains very small and volatile, with a recent YoY decline. Limited and uneven sales hinder operating leverage, make fixed-cost absorption difficult, and leave profitability dependent on unpredictable revenue improvements.