Negative Equity / Deteriorated Balance SheetStockholders’ equity turned negative by 2023 and stayed deeply negative in 2024–2025, reflecting accumulated losses. Negative equity constrains financial flexibility, can impede access to capital or partners, and raises solvency risk if operational performance does not improve.
Persistent Negative Cash FlowOperating and free cash flows are negative in every reported year, signaling chronic cash burn to fund operations. This structural cash deficit forces reliance on external financing, increases dilution risk, and undermines sustainability absent durable revenue growth or continued cost improvements.
Minimal, Inconsistent Revenue And Large LossesRevenue remains minimal and inconsistent while operating losses are large, demonstrating the business lacks a stable revenue base and proven monetization. Without consistent top-line growth and improved margins, the company’s path to profitability and scalable economics remains unproven.