Persistent Operating Cash BurnSustained negative operating cash flow (~-16.3m TTM) and deeply negative free cash flow force ongoing reliance on external funding. This structural cash burn limits the company's ability to self-fund growth, increases dilution risk, and constrains long-term investments in commercialization or scale-up.
Negative Gross Profit And Extreme Operating LossesA negative gross margin means core unit economics are currently unprofitable, and operating losses multiple times revenue indicate structural profitability problems. Without sustainable cost reductions or pricing changes, margins are unlikely to recover, threatening long-term viability.
Eroding Equity And Very Poor Returns On EquityMaterial declines in equity and assets and ROE near -75% to -98% reflect persistent capital erosion. This deterioration weakens the balance sheet, reduces strategic optionality, raises solvency concerns over time, and typically increases investor dependence on dilutive capital raises.