Multi-year Net LossesConsistent annual losses over multiple years indicate weak recurring earnings power. This undermines retained capital accumulation, restricts reinvestment capacity, and challenges the firm's ability to achieve sustainable profitability without a material and sustained operating turnaround.
Negative Shareholders' Equity And Rising DebtNegative equity combined with sharply increased debt shifts leverage into distressed territory. This structural imbalance reduces financial flexibility, raises refinancing and covenant risk, and constrains strategic choices, making long-term recovery more difficult and costlier.
Inconsistent Cash Generation; Renewed Cash BurnReturn to negative operating and free cash flow in 2024 shows cash-generation is unstable. Persistent cash burn forces dependence on external funding, limits ability to invest in growth or shore up the balance sheet, and creates recurring liquidity risk that impairs long-term resilience.