Revenue CollapseRevenue falling to zero in 2026 is a fundamental breach of the core business model: without recurring sales the company lacks operating cash inflows. This eliminates organic funding for operations and capex and forces reliance on external financing or asset sales, threatening viability over months.
Negative Equity / Solvency RiskPersistent negative shareholders' equity signals balance-sheet insolvency risk and weak creditor protection. It constrains borrowing, raises cost of capital, and materially increases the chance of restructuring or creditor intervention, creating durable financial fragility over the medium term.
Weak, Volatile Cash GenerationRecurring negative operating cash flows mean the core business does not consistently self-fund operations or service liabilities. Volatile and negative cash generation forces dependence on external funding, raising dilution and default risk and limiting ability to invest or stabilize growth over months.