No RevenueReporting zero revenue for multiple years means no operating cash inflows and precludes leveraging scale, pricing power or margin improvements. Structurally, absence of a top line forces reliance on external funding for survival and undermines long‑term viability unless a sustainable revenue source is established.
Persistent Negative Cash FlowConsistent negative operating and free cash flow, with renewed 2025 cash burn, signals structural inability to self‑fund operations or investments. This raises ongoing funding and runway risk, increases dependence on dilutive financing, and limits the company's capacity to execute strategic initiatives without material dilution.
Equity Erosion And Weakening Balance SheetSharp declines in equity and assets as losses accumulated produce deeply negative returns on equity and reduce balance‑sheet resilience. Over the medium term this erosion constrains borrowing options, weakens the ability to absorb shocks, and hampers credibility with counterparties and investors when seeking financing or transactions.