No Reported RevenueFive consecutive years without revenue is a structural red flag: the company lacks demonstrated product-market fit and cannot self-generate operating cash. Over the medium term this forces dependence on external financing, impeding sustainable growth and unit-economics validation.
Persistent Negative Cash FlowConsistent negative operating and free cash flow indicate the business model is not yet self-sustaining. This structural cash deficit requires continual external funding, limits strategic flexibility, and raises solvency risk if capital access tightens or financing costs rise.
Profitability InstabilityEarnings remain volatile with a reversal in 2024, showing the company has not established a durable path to profitability. Ongoing negative returns on equity and swinging results undermine margin sustainability and reduce confidence in consistent future cash generation.