Negative Equity And Stressed Balance SheetPersistent negative equity and debt materially exceeding assets constrain financial flexibility, raise refinancing and solvency risk, and limit the company’s ability to fund organic growth or acquisitions without dilutive financing. This structural weakness can hamper long-term execution and raises the cost of capital.
Consistent Cash Burn / Negative Cash GenerationRecurring negative operating and free cash flow mean the core business does not self-fund. Even with a narrowed OCF loss in 2025, FCF declined, forcing reliance on external financing. Persistent cash burn increases dilution risk, restricts reinvestment capacity, and creates ongoing funding dependence.
Chronic Losses And Deteriorating MarginsA multi-year track record of net losses, extremely thin gross margins and a sharp revenue contraction in 2025 indicate structural profitability challenges. Without sustained margin expansion or revenue re-acceleration, the company faces an extended path to profitability, undermining sustainable value creation.