Negative Shareholders' EquityNegative equity signals insolvency risk and severely limits access to capital markets or bank financing. Over months this constrains ability to fund operations, invest in maintenance or growth, and increases dependence on dilutive or expensive financing sources.
Persistent Revenue Decline And LossesMulti‑year revenue contraction and chronic negative margins indicate structural competitiveness or execution problems. Sustained losses erode working capital and scale advantages, making recovery harder without material operational restructuring or new profitable revenue streams.
Weak Cash GenerationNear‑zero operating cash flow and repeated negative free cash flow reduce ability to fund capex, meet creditors, or invest in efficiency. Over months this forces reliance on external funding, heightens refinancing risk, and limits strategic options to capitalize on industry tailwinds.