Severely Stressed Balance SheetNegative equity and debt far exceeding a tiny asset base create acute refinancing and solvency risk. This structurally limits financial flexibility, increases likelihood of dilution or distressed financing, and elevates the probability of covenant breaches over the medium term.
Persistent Cash BurnOngoing negative operating and free cash flows mean the business depends on external funding to continue. Even with year-on-year improvement, continuing deficits will force capital raises, asset disposals, or severe cost cuts, raising execution and dilution risk over months.
Very Low Revenue With Large LossesA revenue base measured in tens of thousands versus million-scale operating losses shows weak commercial traction and poor margin sustainability. Without material revenue growth or structural cost reduction, the business model lacks self-sustaining economics over the medium term.