Persistent Negative Cash GenerationConsistent negative operating and free cash flow means the business is not self-funding. Over months this forces reliance on asset sales, debt reduction events, or external capital, constraining reinvestment, increasing dilution/refinancing risk, and limiting durable margin improvement.
Declining Revenue And Sustained Net LossesA falling revenue trend combined with sizable TTM net losses indicates weak core earnings power. Persistent losses erode equity returns, reduce ability to fund growth internally, and may necessitate further strategic downsizing or asset sales, hindering medium-term recovery.
Earnings Pressure From Higher Operating CostsAn adjusted EBITDA loss alongside a sharp rise in salaries (driven by noncash equity grants) reflects structural operating cost pressure. Unless payroll and comp-driven expenses normalize, margin recovery will be impaired and profitability may remain elusive despite balance-sheet fixes.