Steep Revenue DeclineA >60% reported revenue contraction is a durable structural concern: it erodes scale economics, reduces bargaining power with advertisers/partners, and limits ability to cover fixed broadcasting costs. Sustained declines impair margins and the runway for operational turnarounds.
Negative Shareholders' EquityNegative equity means liabilities exceed assets, increasing insolvency and refinancing risk. This structural balance-sheet weakness constrains access to traditional credit, raises funding costs, and may force dilutive capital raises or asset sales to restore solvency.
Negative Operating & Free Cash FlowPersistent negative operating and free cash flow indicate the core broadcast operations do not generate enough cash to fund operations or investments. Over months this stresses liquidity, undermines reinvestment capacity and elevates reliance on external financing or restructuring.