Severely Stressed Balance SheetDebt far exceeds limited asset backing and equity is deeply negative, creating material solvency and recapitalization risk. This structural leverage constrains financial flexibility, increases refinancing and covenant risk, and elevates the probability external capital is required to sustain operations.
Persistent Negative Cash GenerationConsistent negative operating and free cash flows (including a large FY2024 outflow) indicate the business cannot self-fund. Over the medium term this necessitates ongoing external financing and raises risk of operational contraction if capital access tightens, impairing long-term viability.
Minimal Revenue; Recurring LossesNear-zero reported revenue and multi-year net losses reflect an absence of a sustainable core business and an unprofitable cost structure. Without durable revenue traction, margins and cash flows cannot improve, making recovery dependent on material business model change or external funding.