Collapsed And Minimal Revenue BaseRevenue fell to zero in 2024 and only reached ~0.8m in 2025, indicating a fragile top line and loss of scale. Sustained low revenue undermines margin leverage, jeopardizes customer relationships and makes fixed-cost coverage and durable profitability difficult without structural recovery.
Persistent Large Operating And Net LossesConsecutive large operating and net losses through 2023–2025 have eroded retained earnings and return metrics. Ongoing losses constrain reinvestment, weaken stakeholder confidence, and require either sustained cash generation or external capital to restore a healthy equity base.
Rising Leverage And Eroded EquityLeverage rose materially as equity declined, with debt-to-equity ~2.37 in 2025. Higher leverage increases financial rigidity, raises refinancing and interest risk, and limits strategic optionality; it amplifies downside if revenue or cash flow deteriorates again.