Persistent Operating Cash BurnConsistent negative operating cash flow across multiple years shows the business consumes cash to run operations and fund development. Structurally, this creates reliance on external financing, exposing the company to dilution or funding gaps if capital markets tighten before cash generation improves.
Deep, Volatile Losses And RevenuesPersistent large operating and net losses, combined with highly volatile revenue, indicate the company has not achieved stable commercial traction or operating leverage. Over the medium term, negative margins and revenue inconsistency undermine prospects for sustained profitability and scalable cash generation.
Negative Returns On EquityRepeated negative ROE reflects that capital raised has not translated into positive earnings, signaling value dilution for shareholders. Structurally poor capital efficiency complicates future fundraising economics and raises questions about long-term allocation of investor capital.