Volatile, Shrinking RevenueA small and declining revenue base undermines operating leverage and makes profitability harder to achieve. A 32% fall in 2024 versus 2023 suggests weak commercial traction; without stable top-line growth, scaling fixed-cost investments in R&D and sales is risky and prolongs the path to breakeven.
Persistent Negative Cash FlowConsistent negative operating and free cash flows, with ~-3.0M of operating cash flow in 2024, show the company burns cash in normal operations. This limits internal funding for growth, increases reliance on external capital, and raises the risk of dilution or constrained investment if markets tighten.
Deep Operating Losses And Negative ReturnsLarge operating losses and strongly negative net margins mean the business currently destroys shareholder capital and registers negative returns on equity. Without sustained revenue recovery or sizeable cost re‑engineering, continued losses will pressure the balance sheet and investor support over time.