Severe Revenue CollapseRevenue declined precipitously to 27.8M in 2025 from 80.5M the prior year, a loss of scale that undermines pricing power and fixed-cost absorption. Over the next months this shrinkage impairs margins, supplier/customer positions and lengthens the timeline and difficulty of any structural recovery.
Deep Margin Deterioration And Large LossesMargins compressed to roughly 9% gross while net margin reached about -98%, producing a 27.3M net loss in 2025. Persistent negative margins erode retained capital and preclude reinvestment into product, sales, or service improvements, making sustained recovery reliant on material structural cost or pricing changes.
Renewed Cash Burn And Shrinking EquityOperating cash flow and free cash flow swung to -17.8M and -17.9M while equity fell to 8.9M from ~29.5M. This combination signals acute funding risk: absent rapid operational improvement the company may need dilutive capital raises, asset sales, or other financing within months to maintain operations.