No Revenue HistoryLack of any reported revenue over multiple years means the company has not demonstrated product-market fit or a repeatable business model. That structural deficiency impedes scalable margins and makes long-term viability dependent on successful commercialization or new contracts.
Widening Net LossesRapidly growing net losses materially erode shareholder value and reduce retention of capital for reinvestment. Persistently negative profitability undermines sustainable operations and increases the probability of recurring external financing needs or dilution.
Negative Free Cash Flow And Funding RelianceConsistent negative FCF indicates operations do not generate internal financing, creating structural dependence on debt or equity raises. That reliance can dilute existing holders, increase leverage, or constrain growth investments, posing a durable governance and execution risk.