Revenue CollapseRevenue has effectively evaporated (0.1M in 2025), removing the business's recurring earnings base. Without meaningful top-line activity, fixed-cost absorption and operating leverage are impaired, severely limiting sustainable margin recovery and long-term cash generation prospects.
Large 2025 Cash BurnA -136.3M operating and free cash flow in 2025 represents acute liquidity strain well beyond the reported net loss. Such a cash burn materially shortens runway, increases reliance on external financing or asset sales, and heightens execution risk for any medium-term recovery plan.
Balance-sheet Shrinkage & Past StressThe dramatic shrinkage of assets and prior periods of heavy leverage (equity negative in 2021) indicate a materially diminished capital base. A much smaller balance sheet limits strategic options, reduces resilience to shocks, and constrains the company's ability to rebuild scale or absorb further losses.