Zero Revenue In 2024Reporting zero revenue for 2024 is a clear structural impairment: it severs operating cash inflows and undermines sustainability. Without recurring sales, the company must rely on financing or asset disposals, making long-term production plans and investment highly uncertain.
Persistent Negative Cash GenerationConsistent negative operating and free cash flow across multiple years signals ongoing cash burn and an inability to self-fund operations or maintenance capex. Over months this raises refinancing risk, constrains capital allocation, and can force value-destructive financing or asset sales.
Negative Equity And Rising DebtNegative shareholders' equity combined with a sharp debt increase materially weakens financial resilience. This long-term balance-sheet deterioration limits access to credit markets, increases default and covenant risk, and may compel dilutive financing or distressed asset disposals.