Declining RevenueThree straight years of revenue contraction signal weakening product-market fit, monetization or user engagement. Persistent top-line decline undermines operating leverage and makes sustainable profitability dependent on new products, market expansion, or a material recovery in user growth.
Persistent Negative Cash FlowOngoing negative operating and free cash flow forces reliance on external funding or equity dilution and constrains the company's ability to invest in growth. Even with recent improvement, persistent cash burn is a structural risk to continuity absent durable positive cash generation.
Eroding EquityA sharp decline in shareholders' equity reflects cumulative losses and weak capital resilience. This erosion reduces the company's buffer to absorb shocks, limits strategic optionality and increases the likelihood of dilutive financings or constrained investment capacity over the medium term.