Revenue CollapseA near-total revenue collapse (including -100% in FY2025) undermines the core business model and scale economics. Without material and lasting top-line recovery, fixed costs become harder to cover, supplier and customer relationships deteriorate, and the company cannot sustain investments required to rebuild competitive position.
Recurring Net LossesPersistent and recurring net losses signal an unstable earnings base and limit internal financing capacity. Continued operating deficits erode retained capital, restrict investment in product or market development, and increase reliance on dilutive or costly external funding, impairing long-term recovery prospects.
Negative Equity And Elevated Balance-sheet RiskNegative equity over consecutive years indicates accumulated losses or write-downs and materially limits financial flexibility. Leverage metrics are distorted, access to debt or capital markets is impaired, and the company faces a heightened insolvency risk unless it secures external capital or executes significant restructuring.