Revenue Collapse & Large LossAn ~84% revenue drop and a swing to a large net loss represent a fundamental impairment of the business base. Such a severe decline erodes customer reach, fixed-cost coverage and scale economics, making recovery harder and increasing the risk of prolonged underperformance absent a credible revenue turnaround.
Weak Cash GenerationConsecutive years of negative operating and free cash flow strain liquidity and force reliance on external financing or equity issuance. Persistent cash deficits limit the firm's ability to invest, market, or shore up inventories, heightening execution risk and making medium-term recovery contingent on fresh capital or rapid margin restoration.
Governance Entrenchment & Dilution RiskStructural governance changes concentrate control with Class B holders and authorize broad share-authority moves. That entrenches insiders, raises minority-investor risk, and creates material dilution and trading-liquidity uncertainty if management exercises large issuances or consolidations to address capital shortfalls.