No Revenue Generation (2022–2024)Absence of any revenue over three consecutive years is a fundamental business-model red flag. Without sustainable income, the firm must rely on external capital to survive, while continued losses erode equity and limit the ability to invest in product development, distribution, or client acquisition.
Persistent And Worsening Cash BurnSustained negative OCF and worsening FCF increase the probability the company will need dilutive financing or creditor accommodations. Structural cash burn constrains reinvestment, limits strategic flexibility, and raises execution risk if revenue generation does not commence within the medium term.
Negative Returns And Weak Profitability Despite RecapitalizationNegative ROE after a balance sheet repair indicates capital is not generating value. This undermines investor appetite for new capital and hampers the firm’s ability to fund growth internally. Persisting unprofitability makes long-term sustainability contingent on a material business-model turnaround.