Persistent LossesThe company has reported recurring net losses and deeply negative margins, signaling weak unit economics. Persisting unprofitability erodes capital, constrains reinvestment and pricing flexibility, and makes sustainable growth dependent on either material margin improvement or ongoing external funding.
Chronic Negative Cash FlowConsistent negative operating and free cash flow forces reliance on external capital to fund operations. Over the medium term this raises refinancing and dilution risk, limits strategic optionality, and makes the company vulnerable if capital markets tighten or partners reduce support.
Balance‑sheet Erosion & Going ConcernDeclining net tangible assets and materially eroded equity since 2021–2022, combined with an auditor’s going‑concern note, indicate structural solvency pressure. This undermines creditor confidence, may restrict supplier terms, and increases the probability that growth initiatives will be curtailed without new capital.